UK retailer Next Plc outperforms guidance in Q2

20 Jun '23

1 min read

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Insights

UK-based retailer Next's sales rose 9.3 per cent year-over-year (YoY) in the first seven weeks of the second quarter, beating its forecast of a 5 per cent decline.
The company beat its full-price sales estimates by £93 million in the period.
Next upgraded its full-year sales guidance by £137 million.
The company estimates a profit of £835 million.

Next Plc has reported strong sales performance in an unscheduled trading update issued on June 19, 2023. The UK-based retailer reported that full price sales in the first seven weeks of the second quarter (Q2) were up by 9.3 per cent compared to the previous year, significantly outperforming its earlier guidance of a 5 per cent decline.

The company beat its full-price sales estimates by £93 million in the period. Consequently, the company has increased its full-year sales guidance by £137 million and raised its profit guidance for the full year by £40 million to £835 million, Next said in a press release.

The company reported a slight decline in Q1, with sales down 0.7 per cent, but rebounded significantly in Q2. The full year guidance has been revised from a decrease of 1.5 per cent to an increase of 1.4 per cent, reflecting an overall optimistic perspective for the rest of the year.

Fibre2Fashion News Desk (DP)

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