Next, the renowned UK fashion brand, has raised its guidance for profit before tax.
The fashion retailer, driven majorly by kidswear and third-party brands, has increased the profit guidance by £20 million to £720 million.
The full price sales for the 13 weeks to 1 May 2021 were £75 million more than what Next had predicted.
The retailer had, notably, expected full price sales to drop by 10 per cent.
Meanwhile, Next has not increased its guidance for the remaining year, which remains at increasing by 3 per cent compared to what it was in 2019.
The retailer said that very few of the retail sales lost in store were transferred online, which was driven further by Next kidswear, third-party brands and increasing overseas sales.
While its kidswear sales increased by 2 per cent, label third-party brands rose by 67 per cent. The retailer has, meanwhile, predicted 24 per cent rise in online sales for the remaining financial year.
The British clothing brand generates £3,284.1 million and is also known for its footwear and home products.
