After the recent gloomy trading statement from fashion retailer Next, ASOS shareholders might be a bit apprehensive ahead of the online clothes seller's interim management statement on Wednesday, but Panmure Gordon says not to worry.

The broker recently raised its price target for the stock from 2179p to 2378p ahead of the trading statement, which will cover the three months to the end of August, the group's new fourth quarter (Q4) following its year-end change.

"This quarter offers a very easy comparable for the UK, which is still ASOS's single most important market, representing 39% of retail sales in the nine months reported to date," Panmure Gordon notes.

"Most recent UK online clothing sector trends are strong and we expect only a small currency related slowdown in the international sales growth run rate vs. Q3's +54%. We think that the company can report Q4 sales growth of 35.0% (consensus +30%), to £145.1m (+17.0% UK and +47.3% international)," the broker said.

Peel Hunt, meanwhile, predicts UK sales growth of 12% year-on-year (yoy). "Most new season ranges are now priced more aggressively yoy," the broker observed.

It has also raised its target price, to 2100p, but in view of the strong share price performance of the stock it has cut its rating to "hold" from "buy".

"We look for international growth of +44.9%, with ROW [rest of world] +60%, EU +20% and US +65%. We expect territories with own-country web sites to be outperforming and look for updates on the development of own country teams, particularly in the US," Peel Hunt's John Stevenson said.

The same broker also previewed cash-and-carry retailer Booker's second quarter interim management statement, where it thinks the key will be a progress report on recently acquired rival Makro.

Peel Hunt forecasts like-for-like sales growth in non-tobacco goods will have quickened to 4% in the second quarter from 3.8% in the preceding quarter. LFL sales of tobacco are expected to be down 1% yoy, though that represents an improvement on the preceding quarter's 1.7% decline.

On Wednesday, the Bank of England releases the minutes from the September meeting of the Monetary Policy Committee (MPC), but Credit Suisse seems to think they might well be a photocopy of the August minutes.

"More important will likely be the publication of the minutes of the Consumer Prices Advisory Committee (CPAC) meeting on Tuesday," Credit Suisse ventures.

"The results of the CPAC discussions are widely anticipated in UK inflation related markets. The most substantial issue is the possible change in formula used to calculate RPI [retail price index]: a change that could shave up to 90bps [nine-tenths of a percentage point] off the annual RPI inflation rate, depending on how widely alterations are made," the Swiss bank said.

Peel Hunt's Ian Williams, meanwhile, has homed in on the consumer price index (CPI) as the key economic item of the week. "In the UK, the August CPI data should see the downward path in headline inflation resume after the unexpected blip higher in July, while the retail sales numbers may only add to the confusion over the impact of the Olympics on broader UK economic activity," Williams said.

"Wednesday's MPC minutes are likely to retain a dovish tone ahead of the next round of Bank of England policy easing, which is probably pencilled in for November," he added.


Monday September 17

INTERIMS
Iofina, Networkers International

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Balance of Trade (EU) (10:00)
Current Account (EU) (09:00)

FINALS
Allergy Therapeutics

AGMS
Aberdeen Private Equity Fund Ltd. Sterling Part Shares, Albion Prime VCT, Albion Venture Capital Trust, City of London Group, Downing Absolute Income VCT 2, Turbotec Products

FINAL DIVIDEND PAYMENT DATE
Impala Platinum Holdings Ltd., Mulberry Group

Tuesday September 18

INTERIMS
Good Energy Group, Surgical Innovations Group, Work Group

INTERIM DIVIDEND PAYMENT DATE
Capital & Counties Properties , Mondi

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (US) (13:30)
Current Account (US) (13:30)
New Car Registrations (EU) (10:00)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)

FINALS
Wilmington Group

AGMS
Mortice Ltd. (DI), Vectura Group

UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index  (09:30)
Retail Price Index (09:30)

Wednesday September 19

INTERIMS
Anpario, Optimal Pay, Paragon Entertainment Ltd (DI)

INTERIM DIVIDEND PAYMENT DATE
Hiscox Ltd., New World Resources A Shares, St James's Place

INTERIM EX-DIVIDEND DATE
Aviva, BBA Aviation, Chime Communications, Computacenter, Costain Group, EMIS Group, G4S, Highcroft Investment, InterQuest Group, Interserve, Irish Continental Group Units, Maintel Holdings, Melrose, Molins, Neptune-Calculus Income & Growth VCT, Petrofac Ltd., Playtech Ltd., Premier Farnell, RPS Group, Tikit Group, Total Produce, Tribal Group

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (13:30)
Crude Oil Inventories (US) (15:30)
Existing Home Sales (US) (15:00)
Housing Starts (US) (13:30)
MBA Mortgage Applications (US) (12:00)

FINALS
Galliford Try, Origin Enterprises, Redrow, Smiths Group, Swallowfield

ANNUAL REPORT
Haynes Publishing Group

IMSS
PZ Cussons

AGMS
AEA Technology Group, Bango, Cable & Wireless Worldwide, PetroNeft Resources, PZ Cussons, Stagecoach Theatre Arts, Warner Estate Holdings

UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Minutes (09:30)

FINAL DIVIDEND PAYMENT DATE
Cohort, Falkland Islands Holdings

FINAL EX-DIVIDEND DATE
Best of the Best, Brooks Macdonald Group, Consort Medical, Henderson Smaller Companies Inv Trust, IG Group Holdings, Kier Group, Renishaw, Standard Life UK Smaller Companies Trust

Thursday September 20

INTERIMS
BrainJuicer Group, Moss Bros Group, Norcon, Tawa

INTERIM DIVIDEND PAYMENT DATE
Dragon Oil, First Quantum Minerals Ltd., Hochschild Mining, Mobeus Income & Growth Vct

QUARTERLY PAYMENT DATE
Royal Dutch Shell 'A', Royal Dutch Shell 'B'

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Bloomberg Consumer Confidence (US) (14:45)
Consumer Confidence Indicator (EU) (10:00)
Continuing Claims (US) (13:30)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)
Philadelphia Fed Index (US) (15:00)
Producer Price Index (GER) (07:00)

ANNUAL REPORT
NCC Group

IMSS
Ocado Group

AGMS
African Copper, Best of the Best, GEONG International Ltd., NCC Group, New India Inv Trust, NWF Group, Supergroup, Trifast

TRADING ANNOUNCEMENTS
Imperial Tobacco Group

UK ECONOMIC ANNOUNCEMENTS
CBI Industrial Trends Surveys (11:00)
Internet Retail Sales (09:30)
Retail Sales (09:30)

Friday September 21

INTERIMS
Oxford Catalysts Group, Toumaz Limited

INTERIM DIVIDEND PAYMENT DATE
Baronsmead VCT 3, Baronsmead VCT 4, Baronsmead VCT 5, BlackRock World Mining Trust, Brewin Dolphin Holdings, Catlin Group Ltd., Ferrexpo, Henderson Group, Kingspan Group, LPA Group, National Express Group, New Europe Property Investments, Secure Trust Bank, Synectics, Telecity Group, TP70 VCT, Ultra Electronics Holdings, Xaar

QUARTERLY PAYMENT DATE
Real Estate Credit Investments PCC Ltd

FINALS
Asian Citrus Holding, Gleeson (M J) Group

ANNUAL REPORT
Blinkx

SPECIAL DIVIDEND PAYMENT DATE
PHSC

AGMS
Blinkx, Filtronic, Ryanair Holdings

UK ECONOMIC ANNOUNCEMENTS
Public Sector Finances (09:30)

FINAL DIVIDEND PAYMENT DATE
Carclo, Eckoh, First Property Group, Northgate, PHSC, SSE

Related share prices
ASOS (ASC) share price
Booker Group (BOK) share price