Next reveals Q1 sales boost

Sales at Enderby retail giant Next have risen by more than the company expected its first quarter.

Revenue was up by 4.5% for the 13 weeks to 27 April, 1.3% ahead of Next’s forecasts.

The results were driven by strong sales in February and April, Next said, although it sounded a word of caution, saying the over-performance may not last for the rest of the year.

A statement from the company said: “We do not currently believe that the over performance of the first quarter can be extrapolated through to the rest of the year. The over performance in the first quarter amounted to sales of around £10m. Given this is a relatively small number in the context of annual sales, we believe it is too early to revise our full year sales and profit guidance.”

Next’s next sales update will cover the first 26 weeks of the year, to 27 July 2019, and is scheduled for Wednesday 31 July 2019.