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Next benefits from hot summer

Fashion and homewares retailer Next has reported that its first half full price sales have climbed by 4.5% year-on-year.

GENERAL MERCHANDISE

Next benefits from hot summer

Fashion and homewares retailer Next has reported that its first half full price sales have climbed by 4.5% year-on-year.

In the six months to July 2018, total group sales rose by 3.8% to £1.98 billion. Meanwhile pre-tax profit edged up 0.5% to £311.1 million in the period.

Next had said in August that there was a high risk that the sales gained in July would be offset by losses in August. In a statement today, the company said this was not the case so as a result it is raising its central guidance for full year pre-tax profit by £10 million to £727 million, which is broadly in line with last year's profit of £726.1 million.

The company attributed the over-performance to the unusually hot summer but said it was remaining cautious on the outlook for the rest of the year.

Next said sales in its high street stores, which now account for just under half of its turnover, continue to be challenging. While store sales declined by 6.9% to £925.1 million, online sales increased by 16.8% to £892.3 million in the half year period.

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