Enderby-based retailer Next has upgraded its expectations for the year following strong half year results.
In the half year ending July 2024, total group sales rose to more than £2.9bn, up from £2.7bn in the same period of 2023.
Meanwhile, Next Group profit before tax saw a 7.1% increase to £452m from £422m.
The business has also seen a robust start to its second half, with full price sales over the first six weeks materially exceeding expectations, being up 6.9%.
As a result, second half full price sales growth has been upgraded to be up 3.7% versus last year (previous guidance +2.5%), and full year, full price sales are now expected to be up 4.0%, with total Group sales (including subsidiaries) up 6.6%.
Furthermore, full year pre-tax profit guidance has been increased by £15m to £995m (up 8.4% on last year).
On upgrading its full year sales and profit guidance, Next said: “We are upgrading the profit guidance we issued on 1 August by +£15m to £995m. This is as a result of the strength of our full price sales over the last six weeks.
“We now estimate that full price sales in the second half will be up +3.7% (against our previous estimate of +2.5%). This represents an increase of £30m of full price sales which, after accounting for other anticipated changes in our cost base, is expected to deliver an additional £15m of profit.”
