Next raises sales and profits forecast
Next has enjoyed a better than forecast performance in its second quarter with a 12 per cent increase in its online sales for the period to July 27th. This has led to it raising its full year profit guidance by £10 million despite store sales having fallen by 4.2 per cent. Its focus on achieving full price sales saw these rise by four per cent year on year.
In a statement the business said: "Following the better than anticipated sales performance in the second quarter, we are increasing our full price sales guidance for the second half from 1.7 per cent to 3 per cent, in line with our full price sales growth in May and June."
The news comes as other retailers continue to struggle even having slashed prices to unprecedented low levels over the past months.