Leicestershire-headquartered retailer Next has increased its full year profit guidance, as sales exceed expectations.
In the thirteen weeks to 25 October, full price sales were up 10.5% compared to last year. This is £76m ahead of Next’s guidance for the period of 4.5%.
Sales overperformed in both the UK and overseas, with UK sales up 5.4% versus last year (lower than the 7.6% growth Next achieved in the first half, but ahead of guidance of 1.9%). Overseas sales were up 38.8% on last year (ahead of the 28.1% growth achieved in the first half, and exceeding guidance of 19.4%).
Looking to its fourth quarter, Next is increasing its guidance for full price sales from +4.5% to +7%, adding a further £36m of full price sales to the business’s forecast.
The increase in sales in Q3, along with improved sales guidance for Q4, has seen Next uplift full year guidance for profit before tax by £30m to £1.135bn.
