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Next raises profit forecast after strong quarter
July 29, 2014 / 6:21 AM / 3 years ago

Next raises profit forecast after strong quarter

LONDON, July 29 (Reuters) - Next, Britain’s second biggest clothing retailer, raised its guidance for annual sales and profit for the second time in three months after a strong second quarter performance, helped by favourable weather and new store openings.

The group, which trades from over 500 stores in Britain and Ireland and about 200 stores in more than 40 countries overseas, as well as through its Directory internet and catalogue business, said on Tuesday it now expected a 2014-15 pretax profit of 775-815 million pounds ($1.32-$1.38 billion).

That compares to previous guidance of 750-790 million pounds, and would represent growth of 11-17 percent on the 695 million pounds made in 2013-14.

Next said its total sales rose 10.7 percent in the 26 weeks to July 26, having been up 10.8 percent in the first quarter.

Store sales rose 7.5 percent, while Next Directory sales were up 16.2 percent.

Next raised its full year sales guidance to 7-10 percent from 5.5-9.5 percent previously. ($1 = 0.5892 British Pounds) (Reporting by James Davey; editing by Kate Holton)

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