(AOF) – Next rose 3.24% to 9,861 pence. The British retail group, which recorded better-than-expected Christmas sales, raised its annual profit forecast for the fourth time in a year after reporting stronger-than-expected growth in non-promotion sales for the nine weeks to December 28: + 6% compared to the previous year. “The conditions are met for another satisfactory year for shareholders,” notes Jefferies, Buy on the stock.
Next’s performance contrasts with data from trade body British Retail Consortium, published on Tuesday, which showed disappointing UK retail sales in the final quarter of last year.
The Leicester-based clothing and homewares retailer now expects pre-tax profits of £1.01 billion for the financial year ending January 25, up 10% on the previous year . It had previously forecast a 9.5% profit increase.
Next expects total group sales of £6.30 billion, where the consensus was for £6.27 billion.
The English firm also warned of a slowdown in its domestic market during its new financial year, due to the increase in taxes.
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