Next raises full-year profit forecast

Fashion and homewares retailer Next has raised its full-year pre-tax profit guidance after seeing better-than-expected sales in its third quarter.

In the three months to 26 October, total sales grew by 4.3% which was just above the retailer’s second half guidance range of +1% to +4%.

In the retailer’s high street stores, sales edged up by 0.4% while online and catalogue sales grew by 10.7%.

Next is now forecasting sales growth of between 2% and 3.75% in the full year. Pre-tax profits are expected to be between £650 million and £680 million, equating to growth of 4.6% to 9.4%. This compares to the retailer’s previous statement that profits would rise by between 2.2% and 8.6% in the full year.

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