Next has entrenched its dominance over rival
The clothing chain raised its profit forecast for the third time since March, from pounds 750m-pounds 790m to pounds 775m-pounds 815m, in the latest sign that shoppers are out spending again.
Its high street sales rose by 6.4% in the three months to 26 July, with directory catalogue and online sales surging 18.8% over the same period. Next continues to take market share from rivals after expanding into homewares and revamping its clothing ranges. The warm weather has boosted sales of summer clothes and swimwear.
The retail chain's chief executive,
Next, long regarded as a "little sister" to M&S, caused a stir when its stock-market value overtook its rival two years ago despite having far fewer stores and total sales. Today Next has a market value of about pounds 10bn against its rival's pounds 7.1bn. This year Next leapfrogged M&S with annual profits of pounds 695m, and looks to have widened its lead.
Next has more than 500 stores in
Next recently lost product director
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