NEXT stated it’s on observe to make greater than £1 billion in annual revenue after elevating its outlook for the third time in three months.
The excessive avenue large cheered a colder climate increase to gross sales of its autumn/winter ranges, with full-price gross sales leaping 7.6% in its third quarter to 26 October.
The retailer – led by chief government Lord Simon Wolfson – put the efficiency right down to the “early arrival of colder climate this yr, versus an unusually heat September and early October final yr”.
It had been anticipating third-quarter gross sales to extend by 5%.
NEXT stated it’s rising its full-year pre-tax revenue steerage by £10 million to £1.01 billion, surpassing the £1 billion milestone and marking a 9.5% rise on income in 2023-24.
Annual full-price gross sales are actually anticipated to carry 4.9% to £5.02 billion.
It comes after the group raised its gross sales and revenue expectations in each September and August.
NEXT is pencilling in additional muted gross sales progress of three.5% in its festive quarter to the tip of January, because it stated some buying and selling can have been “pulled ahead” into the bumper third quarter for the agency.
The group stated final month that it’s coming into a “new period” because of its burgeoning abroad gross sales and power in combining on-line with bricks-and-mortar outlets.
Its newest buying and selling replace confirmed UK on-line gross sales rising 7.9% within the third quarter, with 2.9% progress throughout retail outlets.
However abroad on-line gross sales soared 20.4% and are up 22% to this point within the agency’s monetary yr.
