Next has upgraded its profit guidance for the year after strong sales.
In a second quarter trading statement (for May to July), the retailer highlighted that full price sales were up 6.9% versus last year, while the company’s end of season sale went well with clearance rates ahead of group expectations.
It follows a trading statement from Next in June after a period of much better than anticipated full price sales. Next noted: “On 19 June we issued an unscheduled trading statement after a period of much better than expected full price sales, mainly driven by exceptionally warm weather. Since then, full price sales have been up +3.7% on last year. This was ahead of our guidance of +0.5%.”
Next is now increasing its full year profit before tax guidance by £10m to £845m.
Full price sales guidance meanwhile sits at £4.68bn.
Next said: “The combination of £16m of additional full price sales in the last six weeks and improved clearance rates in our end-of-season summer Sale mean that we expect to generate £10m more profit than we anticipated in our last trading statement. Accordingly, we are raising our guidance to £845m.”
