Next increases full year profit guidance after strong third quarter

Next has increased its full year profit guidance after its third quarter sales overperformed in both the UK and overseas.

In the 13 weeks to 25 October, full price sales were up 10.5% on last year, which was £76 million ahead of guidance for a rise of 4.5%.

Sales in the UK increased by 5.4% year-on-year after trading was boosted by the current year’s improved stock levels. This was lower than the 7.6% growth the retailer delivered in its first half, but ahead of its third quarter guidance of +1.9%.

Meanwhile, overseas sales climbed by 38.8% to beat the 28.1% growth achieved in the first half.

The strong performance has led Next to increase its full year pre-tax profit guidance by £30 million to £1.13 billion.

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