News Column

Next profits rise above expectations

May 1, 2014

NEXT has raised its guidance for annual sales and profit after posting strong trading in its first quarter that reflected better weather in the run up to the late Easter holiday.

The retailer now expects a pre-tax profit of between pound(s)750 million and pound(s)790m.

That compares to previous guidance of between pound(s)730m and pound(s)770m, and would represent growth of 8% to 14% on the pound(s)695m it posted in the 2013/14 financial year.

Next's total sales rose 10.8% in the 13 weeks to April 26.

That included an 8.8% uplift from retail site while at the Next Directory catalogue sales were 13.7% ahead.

Next said annual sales were now likely to be between 5.5% and 9.5% greater, compared to the 4% to 8% guidance previously given. A 50p special dividend was also announced.

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Source: Herald, The (Scotland)