Next holds annual guidance after Q1 store sales soar

UK retailer Next maintained annual guidance after first-quarter sales rose on the back of store re-openings as Covid restrictions eased.

The company on Thursday said full-price sales in the 13 weeks to April 30 rose 21.3% against a weak comparative last year when its stores were shut during pandemic lockdowns. Store sales in the period rose were up 285%.

Next said it still expected full price sales to increase 5% in 2022-23 and pre-tax profit up 3.3% to £850m.

Online sales, which benefited from store closures in 2021, fell 11% year-on-year.