Latest News

Britain’s Next raises profit guidance for fifth time in 10 months

0
© Reuters. FILE PHOTO: People walk past a store of clothing retailer Next, in London, Britain, December 2, 2021. REUTERS/May James

LONDON (Reuters) -British clothing retailer Next on Thursday beat guidance for sales in the run-up to Christmas and raised its full-year profit outlook for a fifth time in ten months.

Next, which trades from about 500 stores and online, said full-price sales rose 20% in the eight weeks to Dec. 25 versus the same period in its 2019-20 year, before the pandemic impacted trading. That compares to guidance of a rise of 10.2%.

It forecast a full-year 2021-22 pretax profit of 822 million pounds ($1.1 billion) up from the 800 million pounds previously guided and up 9.8% versus 2019-20.

Next, the first major British retailer to update on Christmas trading, said a strong online performance more than offset another fall in store sales.

Total online sales rose 45%, while retail sales in the UK and Ireland fell 5.4%.

Next has proved a resilient performer during the pandemic, benefiting from its long-established online operations.

Rivals with weaker or no online business, notably Primark, have seen large falls in sales. Others, such as Topshop-owner Arcadia, and Debenhams went bust.

Next said its initial guidance for the 2022-23 year is for full price sales to be up 7% versus the current 2021-22 year ending January 2022. It estimated that pretax profit will be up 4.6% at 860 million pounds.

Next also declared a further special dividend of 160 pence per share to be paid at the end of January and said it intends to return to its pre-pandemic dividend cycle in the 2022-23 year.

($1 = 0.7400 pounds)

Britain’s Next raises profit guidance for fifth time in 10 months

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

German industrial orders bounce back on strong foreign demand

Previous article

British-based equity funds see record $19 billion inflows in 2021 -Calastone

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News