LONDON (Reuters) – British clothing retailer Next on Wednesday kept its forecast for annual profit after reporting a 5.7% rise in first-quarter full-price sales that was slightly ahead of its guidance.
The group’s results, which are often considered a useful gauge of how British consumers are faring, said it still expected a profit before tax of 960 million pounds ($1.2 billion) in its 2024/25 year, up from 918 million pounds in 2023/24.
It also kept its forecast for full-price sales to increase 2.5%.
Next, whose shares have risen 11% so far this year, reiterated that it expects its sales in the second quarter to be weaker than the first quarter to April 27 because last year it benefited from particularly warm weather from late May to the end of June.
It forecast second-quarter full price sales to fall 0.3% before recovering to rise 2.5% in the third and fourth quarters.
(Reporting by James Davey; Editing by Sachin Ravikumar)
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