Next Q3 sales ahead of guidance, raises profit outlook

Full price sales Next in the third quarter were up 4 percent on last year, 23 million pounds ahead of the company’s guidance which was to be up 2 percent.

Next is increasing full year guidance for profit before tax by 10 million pounds to 885 million pounds.

“Our revised guidance for full year full price sales growth is now 3.1 percent; this assumes that full price sales for the rest of the year are up 2 percent,” the company said in a statement.

Online sales for the quarter rose 6.5 percent, retail sales decreased 0.6 percent. For the nine month period, online sales were up 4.9 percent and retail sales increased 0.4 percent, while total full price sales rose 3.5 percent.

As set out in its half year results in September, Next added that the acquisition of an additional equity stake in Reiss this year will result in an exceptional accounting gain of around 110 million pounds.