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Next hikes profit forecast after Christmas sales boost

Next has announced a lift to its full-year profit guidance after strong trading over the festive period.

Full price sales rose by 5.2% year-on-year for the period October 27 to December 28, 1.1% more than estimated by the retail giant.

Following this result, the retailer’s profit guidance for the full year increased by £2m to £727m.

Its estimate for full price sales for the financial year also rose to 3.9%, 0.3% higher than the guidance posted by the retailer in October. 

Next’s performance over the festive period was bolstered by online trading, which saw an increase of 15.3%. This offset the slight decline of in-store trading, which fell by 3.9% over the period.

In its latest trading statement, Next also said that its sales performance in the period was “helped by a much colder November than last year”, as well as “improved stock availability in both our retail stores and online”.

Next is scheduled to announce its full year results ending January 2020 on March 19.

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