Positive Next upgrades profit forecasts

Sales and profits at Enderby retail giant Next have risen again for the six months to July 2023, with the company upgrading its full year forecasts.

Next sales came in 5.4% up over the first six months of the year, with profits up by almost 5% to £420m

The retailer has upgrades its full-year profit guidance from £845m to £875m, roughly around the same mark as last year.

Next says it will make an exceptional profit gain of £110m from its acquisition of Reiss, but this will not be included in its full-year results.

The company says it expects inflationary pressures to ease over the coming year and has described the outlook for the company as “more positive than it has for many years”.