Next has upgraded its full-year profit guidance for the fifth time in eight months after sales over the golden quarter performed better than anticipated.
Full price sales surged 5.7% in the nine weeks to 30 December, beating its previous guidance of +2% for the quarter by £38m.
As a result, the fashion and home retailer is raising its pre-tax profit forecast by £20m to £905m for the year end to January 2024.
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Online sales surged 9.1% during the golden quarter and up 7.7% for the half-year, while store purchases edged up 0.6% over the period but remained flat on a half-year basis.
The retailer also gave guidance for its 2024/25 year, forecasting group sales up 6% and profit up 5%.
It said that the consumer environment for the upcoming year “looks more benign than it has for a number of years, albeit there are some significant uncertainties” relating to increased supply chain risks and a weakened employment market.
Next strengthened its retail portfolio in October when it snapped up high street fashion chain Fatface for £115.2m.
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