Next is predicting profit of £1bn as cold weather drives sales

Next reported a 7.6% rise in full-price sales for the 13 weeks to October 26, 2024, which was 2.6% ahead of its previous guidance for the quarter of 5%.

Total sales in the UK were up 5.8% during the quarter, while total online UK sales surged 7.9%.

The fashion retailer credited its “strong” quarterly performance to the cold snap that arrived earlier than usual compared to the unseasonably warm September and early October in 2023.

Looking ahead to the fourth quarter, Next said it has increased its full-price sales growth guidance by 1% to 3.5%.

With an eye to the full year, Next has increased its profit guidance by 9.5% from £995 to £1.005bn.

Total group sales for the full year are predicted to be up 7.4% on last year, while full-price sales are expected to rise 4.9%. 

Next said the difference is due to the completion of acquisitions during the last year including Fat Face and an increased equity share in Reiss.

The company is due to update on its Christmas trading performance in early January.