UK's Next posts 4% growth in full price sales in Q3 FY24

01 Nov '23

1 min read

Pic: Nigel - stock.adobe.com

Insights

UK retailer Next Plc exceeded its Q3 FY24 sales projections, reporting a 4 per cent growth in full price sales, £23 million ahead of initial estimates.
Online sales rose 6.5 per cent, offsetting a 0.6 per cent drop in retail.
Next revised its expected FY24 sales growth to 3.1 per cent and increased its profit forecast by £10 million to £885 million.

UK retailer Next Plc has reported full price sales growth of 4 per cent for the third quarter for fiscal 2024 (Q3 FY24), outpacing its initial guidance of a 2 per cent increase. The result was £23 million ahead of expectations.

Breaking down the sales by business division, Next's online sector saw a significant surge, registering a 6.5 per cent increase. Conversely, the retail sector experienced a slight downturn with a 0.6 per cent decrease in full price sales. When combined, total product full price sales rose by 3.8 per cent.

Based on this strong Q3 performance, Next has revised its full-year sales growth guidance for FY24. The company now expects full price sales to grow by 3.1 per cent, assuming that sales for the rest of the year will be up by 2 per cent. Thanks to the additional sales in Q3, Next is also raising its full-year forecast for profit before tax by £10 million, setting the new target at £885 million, the company said in a press release.

Fibre2Fashion News Desk (DP)

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