Next posts better than expected Q3

Fashion and homewares retailer Next has reported slightly better than expected sales while remaining firm with its profit guidance.

According to its latest Q3 trading update in the 13 weeks to 29 October 2022, full price sales were up +0.4% versus last year. “This was slightly ahead of our expectations,” Next said.     

Full price sales in the last five weeks have been up +1.4%, boosted by one particularly strong week at the end of September, when temperatures dropped and sales of heavier weight products improved.

Online sales during the period fell 1.9%, while instore retail sales rose 3.1%.

Next added: “We are maintaining our previous guidance for full price sales for the rest of the year to be down -2% versus last year. We are also maintaining our guidance for full year profit before tax at £840m, up +2.1% versus last year.”

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