British clothing retailer Next Plc beat sales expectations in the third quarter of the 2023/24 financial year and subsequently raised its full-year forecasts on Wednesday.
According to the company, revenue from non-discounted items increased 4.0 percent in the quarter ended October. In advance, management had only expected growth of 2.0 percent.
The decisive factor for the positive development was an increase of 6.5 percent in online business, which more than offset a slight decline in sales in the stationary stores (-0.6 percent). Cooler weather in the last weeks of October led to a significant increase in demand for autumn and winter goods, explained Next.
In view of the surprisingly positive figures, the retailer set higher targets for the full year. He now expects revenue from products sold at full price to rise by 3.1 percent to 4.74 billion British pounds (5.45 billion euros). Previously, only growth of 2.6 percent to 4.72 billion British pounds was expected. The annual forecast for profit before taxes adjusted for special items was raised from 875 to 885 million British pounds (1.02 billion euros).