Clothing retailer Next said on Thursday it was on track to make annual profit of almost £1 billion (€1.2 billion) as it raised its outlook for the second time in two months after better-than-expected recent trading.
The group, often considered a useful gauge of how British consumers are faring, reported a 7.1 per cent rise in first half to July pretax profit and said full-price sales over the first six weeks of its second half had “materially exceeded” its expectations and were up 6.9 per cent.
As a result, Next upgraded its forecast for second-half sales growth to 3.7 per cent, up from previous guidance of 2.5 per cent.
It also now expects full-year 2024/25 profit before tax of £995 million, ahead of previous guidance of £980 million and an 8.4 per cent increase on 2023/24.
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Next navigated a difficult half for the clothing sector, with an unseasonably cold spring and a cool and wet early summer, while the cost of living crisis has continued to weigh on spending on non-essential items.
Next’s rivals Primark, John Lewis, Zara owner Inditex and H&M have all highlighted the impact of unseasonal weather on sales. - Reuters
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