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Next boosted by better than expected full price sales

Next has increased its full year pre-tax profit guidance by £10 million after full price sales came in better than expected over the last three months…. View Article

FASHION RETAIL NEWS UK

Next boosted by better than expected full price sales

Next has increased its full year pre-tax profit guidance by £10 million after full price sales came in better than expected over the last three months.

In a second quarter trading statement, the retailer said full price sales rose by 6.9% on last year.

A focus on controlling stock levels meant that Next entered its end-of-season sale with surplus stock down 22% on the same time a year ago. Furthermore, clearance rates have come in ahead of internal forecasts, which has added around £4 million to the retailer’s pre-tax profit.

While online sales climbed by 10% in the period, sales at Next’s stores increased by 2.2%.

Next is maintaining its forecast for full price sales to edge up 0.5% in the second half, which means it now expects full price sales for the year to rise by 1.8%. It is also expecting pre-tax profit to be £10 million higher than anticipated in its last trading statement so is raising its guidance to £845 million.

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