Leicestershire retailer Next has further upgraded its profit guidance for the year following better than expected sales in its third quarter.
Full price sales from August to October were up 4% on last year, £23m ahead of anticipated levels (expected to be up 2%).
Next is thus increasing full year guidance for profit before tax by £10m to £885m.
The company said: “Sales growth has been variable. We believe the volatility in sales performance is a result of changing weather conditions rather than any underlying changes in the consumer economy. In an Autumn season cooler weather is good for sales, warmer than average weather depresses sales. Over time the average performance is a better indicator of underlying consumer demand than any one week.”
The retailer also now expects full year sales of £4.74bn, up 3.1% on last year.
