Clothing & Shoes

Next sees profits rise following ‘unusually warm’ weather

Next has announced a better than expected profit rise following “unusually warm weather” during the first quarter of 2019.

The retailer reported a 4.5% rise on 2018’s figures for full-price sales in the quarter leading up to 27 April. The full-price sales rise falls ahead of the retailer’s initial target of 3.2%, the equivalent of £10m in extra revenue.

Next had been planning for a significant increase in sales during February, however growth for the first quarter of the year was better than expected. Sales in stores were down by 3.6%, but online sales saw an 11.8% growth. Despite the positive figures the retailers said the effect of the figures was “relatively small” and that it was “too early” to revise full year guidance.

A statement by Next said: “We believe this over performance versus forecast was mainly as a result of unusually warm weather over the Easter holiday period, which was particularly helpful to our retail stores.”

Back to top button

Please disable your ad-blocker to continue

Ads are the primary way in which publishers generate the revenue needed to pay their staff. If we can't serve ads, we can't pay journalists to write the news.