Sun shines on Next as it upgrades profit guidance

Next has seen a remarkable turnaround in its sales performance over the last seven weeks which has seen it upgrade its profit guidance for the full year.

In an unscheduled trading update, Next says that sales in the first seven weeks of its second quarter were up 9.3% against last year, compared to guidance of a fall of 5%. The retail giant has beaten its full-price sales estimates by £93m as a result.

Enderby-based Next says it is upgrading its sales uidnace for the full year by £137m and its full year profit guidance by £40m to £835m.

Next puts the sales boost down to warmer weather and salary increases.