Full price sales were up 5.7% in the 9 weeks to 30 December, ahead of previous guidance of a +2% rise
Next has increased its guidance for Profit before tax for the year by £20 million to £905 million, up 4.0%
Next has issued full year guidance for the FY25 financial year. It expects total sales to rise by 6% and profit before tax to be up 5%
Charlie Huggins, manager of the ‘Quality Shares Portfolio’ at Wealth Club, who owns shares in Next, commented: "Next has pulled yet another rabbit out of the hat, leading to a further upgrade to its full year sales and profit guidance. It has demonstrated once again why it's considered one of the best run retailers around.
"UK consumer spending appears to have defied gravity. A strong employment market and rising wages have helped cushion inflationary cost pressures, meaning consumers have continued to fill their Christmas stockings with Next's wares, despite the gloomy economic headlines.
"Next's online sales were particularly strong reflecting better stock availability and excellent operational execution. This stands in stark contrast to other retailers like Superdry which have struggled in the prevailing economic environment.
"The future for Next looks bright and is reflected in the group's guidance to grow sales and profits again in the year ahead.
"Next's core proposition is clearly resonating with the UK consumer and is being augmented by intelligent acquisitions of brands like Fat Face. With inflation falling and wages rising, the economic picture also looks a lot less bleak than at the start of last year."