Next raises year profit guidance

Next, Britain's second biggest clothing retailer, raised its profit expectations for the year after sales growth accelerated in its second quarter, partly reflecting favourable seasonal weather conditions.

The group, which trades from over 500 stores in Britain and Ireland and about 200 stores overseas, as well as through its Directory internet and catalogue business, this morning said total sales rose 2.3 per cent in the 26 weeks to July 27.

The outcome compares with first quarter growth of 2.2 per cent and was consistent with previous sales guidance for the full 2013-14 year of growth of 1 percent to 4 per cent.

That guidance was adjusted to growth of 1.5 per cent to 3.5 per cent. It raised and narrowed guidance for pretax profit to £635-675 million from £615-665 million.

Reuters