A wet summer wasn't enough to keep Next down as the clothing giant posted higher-than-expected profits.
The retailer had been bracing for a 0.3% fall in full-price sales between May and July versus the same period last year. but blew that out of the water with a sales increase of 3.2%, exceeding expectations overall by £42m.
Full year profit guidance has been increased by £20m to £980m as a result.
Overseas sales were particularly impressive during the second quarter, soaring by 22%.
For the full first half of the year, sales are up 4.4% on the same period in 2023, beating guidance of 2.5%.
Next's positive summer comes despite the Office for National Statistics reporting a 1.2% drop in sales by volume in June.
FTSE 100
The UK's flagship share index, the FTSE 100, was down 156-points 8,248 shortly after opening this morning.
Brent crude oil futures were up 0.72%, trading at $80.09 a barrel.
Companies reporting today
02-Aug | |
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Chevron* | Q2 Results |
International Consolidated Airlines Group* | Half Year Results |
Intertek Group | Half Year Results |
Virgin Money UK | Q3 Trading Statement |