23 May 2024, 03:34
By Furniture News Nov 01, 2023

Next upgrades guidance following Q3 success

Next has published a trading statement for its Q3 (August to October), in which it states that full-price sales were up +4.0% YoY, £23m ahead of guidance.

Online sales were up +6.5%, and retail sales down -0.6%. Finance interest income was up +7.2%.

Consequently, the retailer is increasing its full year PBT guidance by +£10m to £885m.

Sales growth during the quarter has been variable, says Next: "We believe the volatility in sales performance is a result of changing weather conditions rather than any underlying changes in the consumer economy. In an autumn season cooler weather is good for sales, warmer-than-average weather depresses sales."

Next's revised guidance for full-year full-price sales growth is now +3.1% (this assumes that full-price sales for the rest of the year are up +2.0%).

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