Next raises profit guidance as it beats sales expectations

Clothes shop Next has reported sales up 4.3 per cent in its third quarter to 30 October, above its second half guidance range of between one and four per cent.

Next Retail saw third quarter growth of 0.4 per cent, whilst Next Directory - its home catalogue and online business - saw 10.7 per cent growth, meaning year-to-date growth of 9.2 per cent. Retail saw a year-to-date decline of 0.5 per cent.

In new guidance, the company expect full year profit before tax to be at between £650m and £680m (from £635m - £675m), with growth of between 4.6 per cent and 9.4 per cent (from 2.2 per cent - 8.6 per cent).