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Next upgrades annual profit guidance as third-quarter sales rise 1.4%

By BFN News | 07:07 AM | Wednesday 28 October, 2020


Clothing retailer Next upgraded its annual profit guidance after it grew its sales by more than expected in the third quarter. Pre-tax profit for the full year, based on a central sales scenario, was now expected at £365 million, up from the £300 million scenario given in September. Full-price sales in the three months through September had risen 2.8%, while total sales, including markdowns, had risen 1.4%. Next said there remained a very high degree of uncertainty in its estimates, with depending on the progress of the pandemic, along with the government and consumer reactions Its upside annual pre-tax profit forecast was £400 million, while its downside forecast was £290 million. 'The sales performance by product category remains very similar to the second quarter, with home and childrenswear over-performing while demand for men's and women's formal and occasion clothing remains weak,' Next said. 'Online sales remain strong, both in the UK and overseas.' 'In retail, out of town retail parks continue to perform better than high streets and shopping centres.' Story provided by StockMarketWire.com

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