Next ups profit expectations after beating sales forecast
Next, Britain's second-largest clothing retailer, edged-up its annual sales and profit forecasts this morning after beating its own guidance for first half sales growth.
The firm, which trades from over 500 stores in Britain and Ireland and about 200, mainly franchised, overseas, as well as the Directory catalogue and internet business, said total full price sales rose 3.5 percent in the 26 weeks to July 25.
That compared to first quarter growth of 3.2 percent and guidance for the first half of flat to up 3 percent.
The mid-point of Next's full year profit guidance was increased by 1.9 percent from 810 million pounds ($1.3 billion) to 825 million pounds, while its full year sales guidance range was increased to up 3.5-6 percent.