Next has reported stronger-than-expected performance in the first quarter of its financial year, with full price sales rising by 5.7% in the 13 weeks to 27 April. This exceeds the retailer's initial guidance of a 5% increase.
The fashion and homewares giant saw online full price sales grow by 8.8%, while sales at its physical stores remained flat. The digital growth helped lift overall results, reinforcing Next's shift towards an increasingly online-focused model.
The company expects total group sales for the year to grow by 6% to £6.2 billion, supported by the timing of equity stake acquisitions in FatFace and Reiss completed last year.
Earlier this year, Next revealed that group sales for the year ending January 2024 had climbed by 5.9% to £5.84 billion. Pre-tax profit rose 5% to a record £918 million.
Next's performance reflects resilience in a challenging retail environment, driven by robust digital demand and strategic investments.
Source: www.linkedin.com