Next raises sales and profit forecasts after strong first quarter
Next has raised its full year sales and profit guidance after total sales climbed by 10.8% in the first quarter of its financial year.
In the 13 weeks to 26 April 2014, sales at the fashion and homeware retailer’s high street stores rose by 8.8% while online and mail order sales climbed by 13.7%.
As sales are currently ahead of the 4% to 8% full year guidance that Next gave in March, the retailer is now upping sales guidance for the full year to between 5.5% and 9.5%.
Next said the new guidance might look conservative in the light of the first quarter’s performance but added: “We always expected the first quarter to show above average sales growth as the comparative period last year suffered from a particularly cold Spring and Easter Holiday period.”
The retailer has also increased its profit forecast range to between £750 and £790 million from the previous £730 million to £770 million.
