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(Alliance News) - Next PLC on Thursday raised its full-year profit guidance by GBP10 million amid a solid full-price sales performance in the first half of its financial year.
The Leicester-based clothing and homewares retailer said full-price sales in the second quarter ended July 29 were up 6.9% on last year, with online sales up 10.0% against the year prior and retail sales up 2.2%.
Next also noted that its end-of-season sale had gone well, with clearance rates ahead of expectations and adding around GBP4 million to the company's pretax profit.
As a result of this solid performance, the company raised its full-year pretax profit guidance to GBP845 million. This would be down 2.9% on the year prior, which ended January 28, but 1.2% higher than guidance of GBP835 million posted in June.
Full-price sales are expected at GBP4.68 billion for the year. This would be up 1.8% on the year prior and is also up a touch from June's guidance of GPB4.67 billion.
Next plans to publish its half-year results on September 21. Shares in the firm were up 0.9% at 6,910.00 pence on Thursday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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