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Fashion retailer Next has upped its profit guidance on the back of a strong festive period.
In the nine weeks to 30 December, full price sales were up by 4.8 per cent compared with last year. This was £66m better than the company’s previous guidance of -2 per cent for the period.
Next has now increased its full-year profit before tax guidance by £20m to £860m, up 4.5 per cent from the prior period.
However, initial guidance for the year ending January 2024 is for full price sales to be down by 1.5 per cent and pre-tax profits to be £795m.
A statement to the London Stock Exchange said: “Both online and retail exceeded our full price sales expectations, with retail being particularly strong.
“We think that we underestimated the negative effect Covid was having on our retail sales last year. We may have also underestimated the effect improved stock levels would have on both businesses (stock levels were exceptionally low last year as a result of widespread supply chain disruption).”
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