Next maintains FY guidance amid strong Q1 sales
In the thirteen weeks to 27 April, total sales rose by 5.7% against the prior year, slightly ahead of its guidance for this period
Next has maintained its full-year guidance after the group welcomed strong trading in the first quarter of the year. In the 13 weeks to 27 April, total sales rose by 5.7% against the prior year, slightly ahead of its guidance for this period, where sales were forecast to rise by 5%.
Trading was largely boosted by online sales, which rose by 8.8% over the period. Retail sales remained flat, however, with no change against the prior year.
Nonetheless, following its strong overall sales, the retailer expects full-year profits to rise 4.6% to £960m, and for total sales to rise by 2.5% to £4.9m.
The group expects full price sales in the first half to rise by 2.5%, which would mean Q2 will fall by 0.3%. The group noted that sales in the second quarter are expected to be weaker than the first as last year benefited from particularly warm weather from late May through to the end of June.
The group’s next sales update will cover the first 26 weeks of the year to 27 July 2024 and is scheduled for 1 August 2024.
