Next profits set to top £1bn after autumn trading boost
According to the group, this strong performance was driven by the colder weather over the period, versus the unusually warm September and early October seen last year
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Next profits are set to exceed £1bn for the first time ever this year, as strong sales over autumn have pushed its full-year guidance from £995m to £1.005bn.It comes as full price sales in the third quarter rose by 7.6% against last year, 2.6% ahead of Next’s previous quarterly guidance of 5.0%.
According to the group, this strong performance was driven by the colder weather over the autumn months, after the unusually warm September and early October seen last year.
Over the quarter ended 26 October, total online sales rose by 7.9%, while total UK sales rose by 5.8%.
After continued strong trading, Next said it is also raising its guidance for Q4 full price sales growth to 3.5%.
Overall, the improved sales in Q3 along with its forecast for Q4 add £43m to full price sales and £10m to profit, according to the group.
Looking ahead, total group sales for the full year are expected to rise by 7.4% to £6.27bn, higher than the expected 4.9% rise in full price sales, which are expected to hit £5.02bn.
According to the group, the difference between these figures are the result of acquisitions completed during the last year. The group acquired 97% of FatFace in October 2023 and increased its equity share in Reiss in September 2023 and June 2024, now holding a 74% shareholding in Reiss.
The group is set to give an update on sales to 28 December on 7 January 2025.
