Next raises profit guidance again
By Sarah Wood | 21st September 2023
Retail giant, Next, has raised its full-year profit guidance for the third time this year.
The retailer, which has stores in Gloucester and Cheltenham, saw first-half revenue rise to £2.5bn, with a 0.5% lift in retail sales and online sales rise of 5%, as reported by Retail Gazette.
Pre-tax profit for the six months to July was up 4.8% to £420m, compared with £401m a year ago.
Next now expects full-year pre-tax profit of £875m, compared to the £845m it predicted last month.
It has increased full price sales guidance for the second half of the year. It predicts sales will increase by 2% on last year, compared with previous guidance of 0.5%.
The retailer also believes it can deliver £46m more cost savings than originally planned this year.
Looking ahead, Next predicts inflationary pressures on operating costs and selling prices will continue to ease, with the longer-term outlook more positive than it has been for a long time.
Next previously raised its profit guidance for the year in August and June.
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