Next full-year profit set to top £1bn

Next is increasing guidance for Q4 full price sales growth by 1.0%, to 3.5% it announced this morning.

The retailer has forecast an additional £43m in full price sales and £10m in profit.

During the full year to 26 October, total group sales are expected to be up by 7.4% on last year to £6.27bn. The figure is 2.5% higher than the expected growth in full price sales of 4.9% provided in Next's previous update in September.

Next explained that the early arrival of colder weather this year, versus an unusually warm September and early October in 2023, drove the strong performance. The retailer also highlighted that acquisitions completed during the last yea contributed to the higher-than-expected total sales growth.

Next acquired 97% of FatFace in October 2023. It increased its equity share in Reiss in September 2023 and June 2024 and now has a 74% shareholding in the business.

Next added that it is scheduled to give an update on sales to 28 December on 7 January 2025.