Retailer Next has increased its profit forecast after posting higher sales than predicted

NEXT plc has published a trading statement.
NEXT plc has published a trading statement.
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Retailer Next has increased its profit forecast for the past year after posting higher sales than predicted in the last two months of 2019.

The high street fashion business shrugged off the recent malaise affecting retailers to post a 5.2 per cent increase in sales for the period to December 28, which it said was 1.1 per cent ahead of company forecasts.

Next said it believes its sales for the Christmas period were boosted by a “much colder November than last year and improved stock availability” in both retail stores and online.

Full-price sales for the 11 months to the end of December rose by 3.9 per cent as the retailer also predicted sales growth would surpass previous expectations.

It said it expects sales to continue to be 3.9 per cent higher by the end of the financial year, January 31, up from the previous guidance of 3.6 per cent growth for the year.

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