First quarter sales hike to boost Next profits

Enderby-based retailer Next has been handed a first quarter boost after its online business saw sales rise by nearly 20%.

Next says that the 18.1% upturn in online sales means its first quarter performance is around £40m ahead of forecasts and will add around £12m to its fully-year profits.

The company has upgraded its full-year to January 2019 profits forecast to £717m.

Despite this boost, Next’s high street business continues to struggle, with sales falling nearly 5% in the 14 weeks to 7 May.

Next will updates the markets to cover the first 26 weeks of the year, to 28 July 2018, and is scheduled for Wednesday 1 August 2018.