Next nudges profit guidance higher after solid third quarter

Third quarter sales at Next were up 6% and the retailer slightly increased its profit guidance for the full year.

Steering its way through what is a currently volatile consumer landscape, with a generally strong September flattered by poor comparative weeks last year and some negative weeks, Next said it now expects group profit before tax to be in the range £810m to £845m, from £805m-£845m before.

Total Next brand sales were up 7.3%, as markdown sales grew faster than full price sales, while total sales for retail were up 5.4%.

Next Directory revenues rose 9.8%, growing faster mainly due to the timing of the catalogue's summer sale coming mostly in the second half of the year.