Next performs better than expected; forecasts weaker Q2

Fashion and home furnishings retailer Next has reported better than expected sales, maintaining its full year guidance.

According to its latest trading update for the 13 weeks to 27 April 2024, Next full price sales were up +5.7% versus last year, slightly ahead of its guidance for this period, which was to be up +5%.

Online sales experienced an uptick of 8.8%, while retail store sales were flat.

The company added that it is maintaining its sales and profit guidance for the full year, with Group profit before tax forecast to be £960m (+4.6%) and sales to be in the region of £4.9bn (+2.5%).

“We are maintaining our guidance for full price sales in the first half to be up +2.5%,” Next said. “This implies that our sales in Q2 will be down -0.3%.

“We expect the sales performance in the second quarter to be weaker than the first quarter because last year benefited from particularly warm weather from late May through to the end of June.”

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