Next raises profit guidance by 10 million pounds

British fashion retailer Next has increased its full-year profit outlook following strong summer sales.

The company announced Thursday that full price sales in the second quarter increased 6.9 percent on the prior year.

The company is increasing its full-year guidance for profit before tax by 10 million pounds to 845 million pounds.

It said the increased outlook was due to 16 million pounds of additional full price sales in the past six weeks, as well as improved clearance rates in its end-of-season summer sale.

Next benefits from warm weather

The company is maintaining its forecast for full price sales to be up 0.5 percent versus last year in the second half, which implies full price sales for the full year will be up 1.8 percent.

Since the company’s statement issued on June 19, Next experienced better than expected full price sales, mainly driven by exceptionally warm weather.

Since then, full price sales have been up 3.7 percent on last year, ahead of the guidance of 0.5 percent.

The news comes after Next upped its FY profit outlook back in June following better than expected sales in the first seven weeks of the second quarter.

Next plans to announce its results for the first half of the year on Thursday September 21.