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03 Jan 2020 | 07:18

Next raises profit guidance as Christmas trading boosted by colder November

Clothing retailer Next has increased its full year profit guidance as full price sales over the Christmas trading period were 1.1% better than its internal forecast.

In a trading statement, the retailer reported that in the fourth quarter, full price sales to 28 December are up 5.2%, while in the year-to-date 27 January to 28 December, full price sales are up 3.9% on the previous year.

Next said its full year profit guidance has now increased by £2m to £272m, representing a 0.6% increase on last year and earnings per share growth of 5.4% to 458.7p.

The retailer attributed the sales performance boost to a 'much colder November' than last year and improved stock availability in both its retail stores and online.

Next's guidance for full price sales growth for the year ahead is 3%, which at that level of sales growth means group profit would be £734m, up 1% on the current financial year.

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