Next raises profit guidance for second time in three months

Tuesday 29 July 2014 07.30
Next now expects a full-year pretax profit of £775-815m
Next now expects a full-year pretax profit of £775-815m

Next has raised its guidance for annual sales and profit for the second time in three months after a strong second quarter, helped by favourable weather and new store openings.

The group - which has 29 stores in Ireland, more than 470 in Britain and 200 stores 40 other countries - said it now expected a 2014-15 pretax profit of £775-815m.

That compares to previous guidance of £750-790m, and would represent growth of 11-17% on the £695m made in 2013-14.

Next said its total sales rose 10.7% in the 26 weeks to 26 July, having been up 10.8% in the first quarter.

Store sales rose 7.5%, while Next Directory sales were up 16.2%.

Next raised its full year sales guidance to 7-10% from 5.5-9.5% previously.