Next raises full year profit guidance
Next has raised its full-year profit guidance after sales rose by a better-than-expected rate in its third quarter.
In a trading statement, the fashion and homewares retailer said full price sales were up 4% in the three months to 28 October, which was ahead of an initial guidance of 2% growth.
Next said sales fell in much of September and were down in early October as unseasonably warm weather impacted demand for its autumn ranges. However, cooler weather in the rest of October led sales to increase by 16% and 11% respectively in the final two weeks of the month.
The retailer now expects group underlying pre-tax profits to rise by 1.7% to £885 million with sales growth of 3.1%. This compares to a previous profit guidance of £875 million and forecast of 2.6% growth for sales.
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