Next Raises Profit Forecast Again After Warm Weather Boosts Sales
UK retailer credits an "unexpected" summer sales lift for its fourth profit upgrade this year, while warning prices could rise in autumn.
Next has raised its full-year profit forecast for the fourth time this year, crediting warmer weather for an "unexpected" boost in sales, according to the company.
The FTSE 100 retailer said it now expects full-year profits to reach £1.26bn, an increase of £12m on its previous guidance, according to the report.
Next owns the UK rights to US brands Gap and Victoria's Secret and holds stakes in labels including Reiss and Joules, the report noted.
The company also indicated that prices could rise in the autumn, though further details on the scale or timing of potential increases were not specified in the report.
Next's repeated profit upgrades this year point to sustained demand despite broader pressures facing UK retailers, though the company did not elaborate on other factors behind the sales performance beyond the weather effect, according to the report.
Sources
- Next forecasts bigger profits after hot weather lifts sales — The Guardian — World
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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