Next posts 6 percent sales growth in Q1, increases sales and profit outlook

Full price sales for the fourteen weeks to May 7, 2018 at Next Plc were up 6 percent on last year. Sales in the company’s online business were up 18.1 percent, driven by the growth of Next branded stock and third party brands on its UK platform along with continued growth from the overseas business.

Announcing a new central guidance for fiscal year 2019, the company said, it expects total full price sales to grow 2.2 percent against previous guidance of 1 percent, group profit before tax is expected to reach 717 million pounds (972.8 million dollars) against previous outlook of 705 million pounds (956.6 million dollars), negative 1.3 percent compared to earlier prediction of negative 2.9 percent and earnings per share are expected to grow 3.7 percent against previous forecast of 1.4 percent.

Next says Q1 performed better than anticipated

Sales in the first quarter, Next said, were better than expected and around 40 million pounds (54.2 million dollars) ahead of its internal forecast, boosted in recent weeks by unusually warm weather. This sales over-performance, the company said, adds around 12 million pounds (16.2 million dollars) to its full year profit.

The company added that at the results presentation in March, it anticipated that the sales performance in the first quarter would be flattered by the underperformance of the company’s ranges in the same period last year, so Next did not expect sales for the rest of the year to be as strong as the first quarter. The company continues to believe this will be the case.

Picture:Next media centre