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High Street

Next raises profit forecast after ‘better than anticipated’ Q2

Clothing and home retailer Next has increased its full-year profit by £10m to £725m +0.3% on last year. The increase is expected to add up to £20m extra profits after expenses.

Full price sales in the first half of the year up to 27 July, were up 4.3% on last year, with total sales, including markdown sales up 3.8%.

Sales were boosted by a 12% increase in online sales for Q2 and an 11.9% increase for H1, retail sales fell by 4.2%, with a 3.9% decrease for the year-to-date.

The company said: “Following the better than anticipated sales performance in the second quarter, we are increasing our full price sales guidance for the second half from 1.7% to 3%, in line with our full price sales growth in May and June.”

Shares in the company soared by 9% at the opening of trade today (31 July), with the retailer expecting a 5.2% increase in earnings per share for the year.

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