Next maintains guidance as online sales keep growing

Next Plc’s online sales kept growing in the first half, making the clothing chain one of the few bright spots in the UK’s embattled retail sector.

Online sales rose 12.6 per cent in the latest six months. Overall sales at originally marked prices rose 4.3 per cent and the retailer maintained its full-year guidance.

Next has picked up the pieces from struggling retailers such as Debenhams. It struck a new product licence agreement with Ted Baker in August in a bid to accelerate expansion of its childrenswear collections.

The clothing retailer’s growth has been mostly driven by its investment in e-commerce, warehousing and distribution.

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Next maintained its outlook after upgrading its forecast in July. It expects full-price sales to increase by 3.6 per cent for the year and boosted its dividend by 4.5 per cent to 57.5 pence, to be paid in January 2020. – Bloomberg