Next has upgraded its full year guidance for the second time in two months as it inches closer to delivering a profit of £1bn.
The high street giant added £15m to its annual forecast, which now stands at £995m – up 8.4% on last year’s profits – as its first half pre-tax profit increased 7.1% to £453m in the six months to July.
Total group sales, which include subsidiaries such as FatFace and Reiss, surged 8% to £2.9bn and full price sales rose 4.4% to £2.36bn over the half.
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Next said full-price sales had “materially exceeded our expectations” in the first six weeks of its second half and were up 6.9%.
UK retail sales edged up 1.1% to £1.9bn in the six months, which it claimed was “held back by tough comparisons with last year’s exceptionally warm Q2“.
However, the standout performer was its overseas online arm, which jumped 22.8% to £433m as it continues its international expansion.
Next expects full price sales to increase 4% over the year and total group sales to jump 6.6%.
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