Next experiences a notable boost in sales, raising its profit outlook.
- Sales rose by 7.6% versus the previous year due to cold weather.
- Next’s full-year profit estimate adjusted from £995m to £1,005m.
- Online sales in the UK saw an 8% increase over the period.
- Next’s acquisition of a stake in Rockett St George aims to expand reach.
Next has revised its profit forecast upwards following an impressive 7.6% increase in sales for the third quarter, a rise that surpassed the company’s own projections by 2.6%. The unexpected cold weather contributed significantly to these results, a stark contrast to the warm temperatures experienced in September and early October of the previous year.
The company’s total UK sales increased by 5.8% during the same period, while their online UK revenues grew by nearly 8%. These figures reflect a robust performance driven largely by seasonal demand and consumer behavior in response to the colder climate.
In light of these outcomes, Next has adjusted its full-year profit forecast from £995 million to £1,005 million. Additionally, the retailer anticipates annual sales to reach £6.27 billion, marking a 7.4% rise from the prior year. The fourth quarter sales guidance also saw an uplift from a 1% rise to a projected 3.5% increase.
A recent strategic move by Next includes acquiring a 16% stake in homeware and lifestyle brand Rockett St George. This acquisition is aimed at broadening Next’s product range and enhancing consumer outreach. Rockett St George has expressed optimism that this investment will facilitate an expansion of its market presence.
Next’s strategic moves and favorable weather conditions have set a positive tone for its financial outlook.
