UK retail giant upgrades profits forecast amid cost-of-living concerns
Major UK fashion brand says it’s performing better than expected
- Next has once again elevated its profit forecast, expressing strong confidence ahead of the pivotal Christmas trading season.
- The retailer now projects full-price sales to increase by approximately 7 per cent in the quarter concluding in January, an upgrade from its earlier 4.5 per cent guidance.
- This positive outlook follows a robust period where total full-price sales climbed by 10.5 per cent in the 13 weeks to 25 October year-on-year.
- UK sales were up 5.4 per cent, with online sales increasing by 7.8 per cent, while overseas sales shot 38.8 per cent higher for the quarter.
- Next expects to deliver a pre-tax profit of around £1.135 billion for the year to January, having hiked its guidance by approximately £30 million.