Among those whose results are currently scheduled to be released next week:

• Inditex will let us know how well it closes the pandemic sales gap
• Can Ocado bounce back after a fire at a distribution center that hurt trade in Q3
• Currys looks to build on strong momentum after last month’s trading statement

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FTSE 100, FTSE 250 and other selected actions scheduled for release next week:

13-Dec
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17-Dec
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Ocado – Sophie Lund-Yates, Equity Analyst

Third quarter results were shaken by the impact of a fire in one of the distribution centers. Estimates put the net cost at around £ 10million and we hope this will be the last we hear about it.

Before the fire, revenue for the last quarter was down 1.8%, largely due to the exceptional period of 2020 to which it is compared. The figures for the fourth quarter of next week face another difficult comparable period, with revenue growth of 35% in 2020 to settle. With the all-important Christmas season upon us and increasing competition, we would like to see some solid numbers.

We’ll also be watching for comments on the impact of rising labor costs on trade. Last I heard, the group was expecting up to £ 5million in additional costs to raise wages to attract new employees.

The biggest growth story comes from the Solutions business. Make third parties pay for the use of the group’s robotic systems. But Ocado needs to sign new partners to make the business profitable. We may have to wait for full year results in early 2022 for more information, but we’ll keep an eye out for any comments next week. Whatever the results, with a price-to-sales ratio slightly above its long-term average, there is great pressure to deliver good news.

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Currys – Sophie Lund-Yates, Equity Analyst

In early November, Currys said he was on track to report a pre-tax profit of £ 161million for the full year, as expected. Next week’s results will give us a bit more detail on operational performance. We will be watching closely if earnings are still in line with expectations, any downward swing could impact the markets.

The bar has been set high, with half-year sales up 15% from pre-pandemic figures. And the group expects a “robust commercial peak season” over Christmas. We would like to know if the first indications are still positive on this front.

Online sales have been a great success, they have more than doubled during the pandemic. Innovations like ShopLive, allowing customers to get video help at home, have led the way. But online margins are lower and the group must improve if it is to reach the operating margin target of 4% by 2023/24.

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Inditex – Sophie Lund-Yates, Equity Analyst

In the semester, Zara owner Inditex said their fall / winter collections were well received and sales were returning to normal levels. All else being equal, this bodes well for the third quarter numbers next week.

Specifically, we will be looking to see if the group has been successful in fully closing the sales gap linked to the pandemic. At the last record, sales were 5.5% below pre-pandemic levels. We would like to know if the continued momentum has brought the group closer together.

We will also be monitoring the outlook statement. For all the awesome talk, we have to remember that Inditex is a global brick and mortar retailer, which means declining footfall and / or increasing social distancing measures hurt. We wonder if the news of the increase in Covid cases is a reason for management to sound a warning for the months to come.

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