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Next raises profit outlook again as sales rise

// Next raises its full-price sales guidance for the rest of the 2021-22 year to 10%, up from 6%
// The fashion retailer made a pretax profit of £347 million in the six months to July

Next has raised its full-year profit outlook for the fourth time in six months as it reported a 5.9% rise in first-half profit on a two-year basis, benefiting from strong trading since
Covid-19 restrictions ended.

Next, which trades from about 500 stores as well as online, made a pretax profit of £347 million in the six months to July, on full-price sales up 8.8 per cent versus 2019 – before the pandemic started to disrupt trading.

The group said full-price sales in the last eight weeks increased 20 per cent versus 2019, materially exceeding its expectations.

READ MORE: Next to run Gap’s UK operation in a joint venture

It raised its full-price sales guidance for the rest of the 2021-22 year to up 10 per cent, versus up 6 per cent previously, and its forecast for pretax profit to 800 million pounds, 36 million pounds ahead of its previous guidance.

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