Next raises profit guidance
Next has raised its full year profit guidance after its fourth quarter full price sales rose by 5.2%.
The increase was 1.1% ahead of the retailer’s internal forecast for the three months to 28 December.
In the year to date, Next’s full price sales are up 3.9% on last year. The retailer said its fourth quarter trading was boosted by a much colder November than last year and better stock availability in both its stores and online.
Next has now increased its profit guidance for the full year by £2 million to reflect the additional sales. It now expects pre-tax profit for the year to January to come in at £727 million.
The retailer has also revealed that stock in its end-of-season sale is down 2.9% on last year but that clearance rates to date have been slightly below expectations.
