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Next raises full year sales and profit forecasts

Next has raised its annual sales and profit forecasts after Next brand full price sales edged up 3.5% in the first half of its financial year…. View Article

GENERAL MERCHANDISE NEWS

Next raises full year sales and profit forecasts

Next has raised its annual sales and profit forecasts after Next brand full price sales edged up 3.5% in the first half of its financial year.

The retailer said some 1.7% of the sales came from the opening of profitable new space.

Full price sales for Next Retail rose by 0.8% in the 26 weeks to 25 July, while Next Directory online and catalogue sales increased by 7.5%. 

Total sales including markdown sales were up 3.3%. The retailer said total stock for the end-of-season sale was up 4.8% on last year. Clearance rates were lower than last year but in line with internal forecasts.

Sales were better than expected and ahead of the 0% to +3% guidance range Next gave in March.

In a statement, Next said: “We believe the improvements experienced at the end of the season were mainly driven by warmer weather.”

As a result, Next has revised its sales and profit guidance for the full year. The mid-point of Next’s full year profit guidance has been increased by 1.9% from £810 million to £825 million, while its full year sales guidance range has been increased to up 3.5% to 6%.

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