Next upgrades profit forecast by £10m

Next has upgraded its profit predictions for its full-year results despite its high street woes continuing in the second half of its financial year.

Overall sales during the period rose by 4% on last year, but in-store reveue dropped by 3.9%.

The Enderby firm’s performance was boosted by strong online growth of almost 12% over the period.

Overall, revenue grew by 4.3%.

A statement from the firm said: “The increase in our full price sales guidance is £70m and, after accounting for associated costs, is expected to add £20m to profit. Lower clearance rates to date, along with anticipated lower clearance rates in the second half, are forecast to cost an additional £10m. As a result, we are increasing our guidance for full year Group profit by £10m to £725m, marginally up on last year. We now expect Earnings Per Share to grow by +5.2%.”