Next, the British fashion retailer, has seen its Q2 sales exceed analysts’ expectations by £ 50 million.
The clothing giant has attributed the growth to hot summer that has, expectedly, enhanced the demand for summer apparels.
So, it wasn’t surprising to see the retailer up its profit guidance by £ 10 million to £ 860 million.
Notably, total sales soared by 5 per cent year-on-year in the quarter that ended 30 July 2022. However, the jump was a good 23.8 per cent when compared to the same period in 2019.
Next has said that the second half could see fall in sales owing to ill-effects of the growing inflation on consumer spending.
Lord Simon Wolfson, CEO, Next substantiates “While we haven’t yet seen any changes in consumer buying behaviour, we know that prices will go up and this will impact demand for new clothing.”
The British clothing retailer generates £ 3,284.1 million and is also known for its footwear and home products.