Fashion giant Next has maintained its full-year guidance as sales increased in its first quarter.

Next 1

Next group profit before tax is still expected to reach ÂŁ960m, a rise of 4.6%

Next posted a 5.7% increase in total sales year on year for the 13 weeks to April 27, 2024, above the predicted guidance of 5% for the period.

Online sales at the fashion giant rose 8.8% during the period, while retail sales remained flat.

Looking ahead, Next warned that sales in its second quarter are expected to be “weaker” than the first quarter, dropping by 0.3%.

The fashion giant said this is because the business benefited from “particularly warm weather” last year from late May through to the end of June.

Despite this, Next has maintained its sales and profit guidance for the full year with group profit before tax still expected to reach ÂŁ960m, a rise of 4.6%.

The retailer’s unchanged guidance also predicts a 2.5% sales increase for the year to £4.9bn.

This comes as Next boss Lord Wolfson recently outlined three new avenues of growth for the retailer in what he called a “subtle shift in emphasis” moving forward.

Topics

Related Companies