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Next raises FY guidance after strong Q2 sales performance
(Sharecast News) - Retailer Next said on Thursday that Q2 sales had come in better than expected, leading the group to raise its FY profit forecasts. Next said full-price sales rose 10.5% in the thirteen weeks to 26 July, outperforming previous guidance of 6.5%, with the uplift driven by favourable weather conditions in the UK and trading disruptions at a major competitor.
As a result, Next hiked its FY sales guidance from 6.0% to 7.5%, with pre-tax profits now expected to hit £1.1bn, up £25m from previous estimates.
The FTSE 100-listed group also upgraded its H2 sales outlook from 3.5% to 4.5%, adding a further £27m of full price sales to its forecast, citing confidence in overseas performance and marketing returns.
Next added that despite caution around UK consumer spending and tougher comparatives in H2, it remains on track to deliver solid earnings growth.
As of 0930 BST, Next shares were down 1.14% at 12,135p.
Reporting by Iain Gilbert at Sharecast.com
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