Sep 25, 2018
Next upgrades profit forecast after strong summer
Next, the UK mid-market fashion retailer, upgraded its profit forecast for the year after a predicted slowdown in summer sales did not materialise. The company had expected the unusually warm weather during its second quarter to result in shoppers buying shorts and T-shirts earlier in the year than normal, cannibalising sales from the second half. "We are now raising our central guidance for full year profit before tax by £10m to £727m.". Last year's performance was adversely affected by mis-steps in its range which were largely corrected by the second half year. Half year pre-tax profit was £311m, up slightly from £309m last year.
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