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Next Sales Gain 10.8% in Q1

In light of the rise, the retailer has increased its sales and pre-tax profit guidance for the current year.

LONDON — British retailer Next Plc said its sales rose 10.8 percent in the 13 weeks to April 26, compared to the same period last year, with 2.2 percent of the growth coming from new store space. Its retail sales were up 8.8 percent, while online and mail-order sales through its Next Directory business rose 13.7 percent.

 

Accordingly, the company increased its full-year sales growth guidance to between 5.5 and 9.5 percent, versus the range of 4 to 8 percent it had given when it published full-year results in March. Next released percentage figures only on Wednesday.

 

Next said its sales forecast reflects weak comparatives with the previous year’s first-quarter sales, but tough comparatives with the previous year’s fourth-quarter growth, when sales were up 11 percent.

 

Following the update, Next also increased its full-year profit before tax guidance for the year to January 2015 to between 750 million pounds and 790 million pounds, or $1.26 billion to $1.33 billion, from its earlier guidance of between 730 million pounds and 770 million pounds, or $1.23 billion to $1.29 billion.

 

The company plans to release its next trading statement July 29, covering the 26 weeks to July 26.

 

Next shares gained 1.2 percent on the London Stock Exchange to 64.85 pounds, or $109.06, in early trading Wednesday.