Next raises full-year profit guidance after strong first quarter
Fashion giant Next has upgraded its full-year profit guidance following a much stronger than expected performance in the first quarter.
The retailer said that for the 13 weeks to May 1, full-price sales were down just 1.5% compared with two years ago. Next said it had budgeted for sales to be down 10% on pre-pandemic levels and it has beaten that first-quarter forecast by £75m.
As a result of this stronger than expected result in the first quarter, Next said it had increased its profit guidance for the year by £20m to £720m.
Next said it had not upgraded its sales forecast for the year, which remained at 3% above full-year sales in 2019.
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