Next sales jump ahead of guidance

Full price sales at clothing and home furnishings retailer Next have risen 5.7 per cent, beating the retailer’s previous guidance of five per cent.

In a trading update for the first quarter of 2024, Next said online sales grew by 8.8 per cent in the first 13 weeks of the year compared to the same period of 2023.

However, its stores weren’t as successful, with the company’s sales remaining flat over the period.

The company said it is maintaining its full-year profit and sales forecast, with Next expecting pre-tax profits to rise by 4.6 per cent to £960 million and full price sales to increase by 2.5 per cent to £4.9 billion.

The fashion retailer added that it is likely sales in the second quarter will fall by around 0.3 per cent after last year benefitted from warmer weather in May and June.

Total group sales growth for 2024 is expected to increase by six per cent to £6.2 billion after Next’s buyout of equity stakes in FatFace and Reiss last year.

In March, Next said that pre-tax profits for 2023 hit £918 million, a record high for the clothing brand.

The figures beat the company's expectations of £885 million for the full-year which were announced last November; a profit guidance that had already been raised by £10 million.

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