Next has increased its full-year guidance for group profit before tax by £10m, following a “much better than expected” period of full-price sales.
The retailer posted a 6.9% jump in full-price sales in the second quarter – 0.5% ahead of guidance. As a result, the retailer said it would be increasing profit guidance by £10m to £845m.
The brand said its end-of-season Sale has gone well and noted that clearance rates were “ahead of expectations”.
Online sales at Next for the period were up 10%, while retail prices were up 2.2%.
Total product full-price sales for the period were up 6.9% and 2.9% for the 26 weeks to July 29.
Next said its full-price sales forecast would be up 1.8%. With £16m of additional full-price sales and improved clearance rates in its end-of-season Sale, Next is increasing its full-year profit guidance to £845m.
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