Next, the well-known British fashion store, has increased its profit forecast for the year!
Following a better-than-expected second-quarter sales performance, the retailer has increased its profit projection for the year and plans to issue special dividends.
Next announced a sales increase in the first 11 weeks of the current fiscal year. According to Next, the retailer’s pre-tax earnings for the year may potentially reach £750 million, a £30 million increase from the prior projection. However, brick-and-mortar sales fell by 6% in the 11 weeks leading up to the end of December.
Online sales were down 3 percent in the first half of the year compared to the same time two years ago. Online sales, on the other hand, more than compensated, with a 44 percent increase over the same period. The store attributes the strong sales to a mix of pent-up demand for adult clothing and the arrival of warmer weather.