Next raises profit outlook for fifth time

Britain's Next raised its full-year profit outlook for the fifth time in 10 months on Thursday (January 6).

It comes after the fashion retailer beat guidance for sales in the run-up to the holiday period.

Next said full-price sales rose 20% year-on-year over the eight weeks to December 25th - around double previous projections.

The company now forecasts a full-year pretax profit of $1.1 billion - up from a touch over $1 billion.

Next was helped by a strong online performance, which more than offset another fall in store sales.

Online sales rose 45%, while retail sales in the UK and Ireland fell just over 5%.

Next has performed well during the health crisis.

A long-established online operation has helped the firm during a disrupted two years.

Rivals with weaker online business have seen a large fall in sales.

Others like Topshop-owner Arcadia and Debenhams have gone broke.

Next now guides that full-price sales will rise 7% for the 2022-23 year compared to a year before.

It also sees price rises in the coming 12 months, due to higher freight rates and manufacturing costs.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting