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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… View Article

GENERAL MERCHANDISE

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.

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