// Next keeps profit guidance after first-quarter sales dipped smaller than it expected
// Full price sales in the 13 weeks to 29 April fell 0.7%, ahead of its -2% guidance
Next has maintained its profit guidance for the year, despite its sales coming in slightly ahead of expectations.
Although full price sales dipped 0.7% in the 13 weeks to 29 April, this was better than the -2% expected.
The drop was driven by a 1.6% fall in online and 0.6% decline of in store sales.
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“Although our first quarter performance moderately exceeded our sales guidance, we believe it is too early in the year to alter our overall sales expectations for either the half or full year,” the retailer said.
To maintain its first half guidance, it has moderated its second quarter sales forecast, which is now planned to be down 5% on last year, rather than the 4% originally feared.
The retailer said this was because “some of the first quarter’s success, particularly in holiday clothing sales leading up to Easter, might have been pulled forward from the second quarter”.
In March, Next guided to a 7% rise in prices for its spring-summer ranges and 3% for autumn-winter.
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