Next powers on as third quarter sales soar
Enderby retail giant Next has upgraded its full year profit guidance again after sales boomed in its third quarters.
For the period of August to October, Next says its full price sales were up by 4%, £23m ahead of its previous forecast. It is now increasing its full year profit guidance by £10m to £885m, despite a patchy sales performance over the period.
In a statement, Next said: “Sales growth has been variable. We believe the volatility in sales performance is a result of changing weather conditions rather than any underlying changes in the consumer economy. In an Autumn season cooler weather is good for sales, warmer than average weather depresses sales. Over time the average performance is a better indicator of underlying consumer demand than any one week.”
Next says it is forecasting full year sales to now come in at £4.74bn – up 3.1% on 2022.
