Next forecasts bigger profits after hot weather lifts sales
Summary
Next, a UK clothing retailer, raised its profit forecast for the fourth time this year after warmer weather increased sales. The company reported a 9% rise in sales and an 11% increase in pre-tax profits in the first half of the year, helped by cost-cutting and strong online demand.Key Facts
- Next raised its full-year profit forecast by £12 million to £1.26 billion.
- Total sales grew by 9% in the six months to July.
- Pre-tax profits rose 11% to £566 million in the first half of the year.
- Warmer UK weather during two summers helped boost sales.
- Next owns UK rights to US brands like Gap and Victoria’s Secret.
- The company cut costs mainly in its warehouses.
- Next uses AI but focuses on human-led fashion design for creativity.
- Rising inflation and potential tax increases are concerns for the company’s future.
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