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The Markets
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Retail

Next ups guidance again as colder weather drives clothing purchases

Next PLC (LSE:NXT) raised its full-year outlook for the third time since the summer as sales in the third quarter came in higher than expected.

Full-price sales for the high street clothing retailer grew 7.6% in the past quarter, above the previous guidance for 5% growth.

Colder weather arriving earlier this year made a difference, the company said, whereas a year ago September and early October were unusually warm.

UK in-store sales grew 2.9% after falling in the first half of the year, with retail revenues for the nine months of the year so far still down 0.8%.

WIth online sales growth also accelerating to 7.9% in the quarter, nine-month product sales were up 5.6%

For the fourth quarter, Next said it now expects full-price sales growth of at least 3.5%, up from 2.5% before.

Based on those new assumptions, full-year profit guidance was lifted to just over £1 billion, up from £995 million previously.

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