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Reading: Next reports better-than-expected sales while weathering the storm.
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Baner Club > Blog > Business > Next reports better-than-expected sales while weathering the storm.
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Next reports better-than-expected sales while weathering the storm.

Despite the rainy start to the summer, clothing company Next has announced better-than-expected sales and increased its profits prediction for the year.

Last updated: 2024/08/01 at 8:25 AM
Published August 1, 2024
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The store revealed that, in comparison to the same period previous year, when the UK saw “exceptionally favourable” weather, it had been anticipating a 0.3% decline in full-price sales between April and June.
The high street powerhouse, which boasts over 800 physical locations throughout the UK and close to eight million virtual clients, recently raised its full-year profit forecast by £20 million to £980 million.

In a trading statement released on Thursday, the company stated that its abroad internet sales had increased by about 22% in the second quarter.

Next also gave credit to itself for acquiring rival FatFace last year and raising its ownership of fashion brand Reiss from 51% to 72%.

It follows a warning from trade group British Retail Consortium (BRC) that a “colder than usual June” had left retailers with a “gloomy” start to the summer.

The Office for National Statistics reports that June retail sales by volume decreased by 1.2%, and that severe rain at the beginning of July contributed to this decline.

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