- Full price sales were up 3.2% on last year and total sales rose 5.4%.
- Profit before tax increased by 4.8% to £420 million.
- Next has increased its full year sales and profit guidance again. It now expects a full year profit before tax of £875 million, versus its prior guidance of £845m, which would represent an increase of 0.5% on the prior year.
"Next has pulled another rabbit out of the hat today, leading to a further upgrade to its full year sales and profit guidance.
Not all retailers have benefited, as the travails of Wilko show. Next has capitalised by doing the simple things well. Once again its operational execution continues to outshine almost all of its competitors.
Looking ahead to 2024, the outlook for sales growth is uncertain, with a softening in the labour market having potential to dampen growth in consumer demand. However, cost pressures are expected to ease significantly, which should be good news for profit margins.
Overall, this is an excellent set of results from Next. The
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