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Gloucestershire Business News

Next raises profit expectations after an increase in pre-Christmas sales

Next have reported stronger than expected sales for the period up to Christmas and the High Street giant is now expecting profits to be above their initial expectations.

In a trading statement released this morning, Next PLC revealed that full price sales for Q4, the 13 weeks to December 28, were up by 5.2 per cent.

According to the statement that "was 1.1 per cent ahead of our internal forecast."

The company added that full price sales were up 3.9 per cent on last year and added that full year profit guidance had increased by £2million to £727 million.

The increase was due to a continuing rise in online sales, which were 15.3 per cent up for Q4 and 12.1 per cent up for the year.

Retail sales were down 3.9 per cent for the quarter and 4.6 per cent down for the year.

The statement added: "For the full year we expect full price sales growth of +3.9 per cent, +0.3 per cent ahead of the guidance given in October.

"We have increased our profit guidance for the full year by £2m to reflect these additional sales. Central guidance for EPS is 458.7p, an increase of +5.4 per cent on the previous year."

During 2019, Next opened their new flagship store at Gloucester Quays.

The group's full-year results for the year ending January 2020 are scheduled to be announced on March 19.

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