Fashion giant Next has increased its full-year profit guidance and reported an uptick in full-price sales.
In a trading update for the third quarter of the year, covering August to October, Next reported that full-price sales were up 4% on last year and £23m ahead of its initial guidance.
As a result of its continued strong performance, the retailer has upgraded its full-year profit guidance by a further £10m to £885m.
Next said sales in the third quarter were driven predominantly by online – up 6.5% in the period – while store retail sales slipped 0.6%. Total product full-price sales for the quarter were up 3.8%, while finance interest income jumped 7.2%.
The retailer’s revised guidance for full-year, full-price sales growth is now 3.1%.
As a result, Next is now expecting to deliver £4.74bn in full-year revenues and £885m in group profit before tax for the 2023 financial year.
Next said its acquisition of an additional equity stake in Reiss earlier this year will result in an exceptional accounting gain of around £110m, which is excluded from its headline profit figure.
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