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Next Nudges up Profit Guidance After Robust Q2 Sales
The retailer said warm UK weather and stronger overseas demand lifted sales £70 million above forecast, supporting a third profit upgrade this year.
- On Wednesday, clothing retailer Next raised its annual profit outlook for the third time this year, reporting a 9.2% rise in second-quarter full-price sales driven by warmer-than-expected weather.
- The Middle East and Northern Europe regions significantly boosted results as Next benefited from the "release of some pent-up demand" following a weaker start to the year.
- Revising projections upward, the group now expects full-year pre-tax profit of £1.243 billion, exceeding previous guidance of £1.218 billion and planning to return £169m in surplus cash to shareholders.
- Shares in the FTSE 100 retailer rose 7% in early trading, extending year-to-date gains to 19%, while management confirmed plans to buy back £524m worth of shares.
- Contrasting with John Lewis's "really tough" trading environment, chief market analyst Chris Beauchamp noted that "in an ever-changing world, upgrades to Next's profit forecast is much-needed certainty.
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Next raises profit guidance as sales forceasts surpassed
Next has continued to smash its sales forceasts, seeing the Leicestershire retailer raise its expectations for the year. According to a second quarter trading statement, full price sales were up 9.2% versus last year, materially ahead of Next’s forecast for the period of 4%. With sales £70m above expectations, the company believes this over-performance was […]
Coverage Details
Total News Sources18
Leaning Left3Leaning Right0Center6Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 33%
C 67%
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