Next (LON:NXT) shares rose 6 percent in early trading on Thursday, after the group raised their profit guidance for the full year after better-than-expected sales in the first quarter.
The fashion retailer boosted their pre-tax profit guidance for the year to January 2019 from £705 million to £717 million, after full price sales for the 14 weeks to 7 May rose 6 percent on last year.
A 4.8 percent decline in retail sales was offset by an 18.1 percent boost to sales made online, driven by the growth of Next branded stock and third party brands on its UK platform. Sales in the first quarter were around £40 million ahead of internal forecasts predicted, largely helped by the recent bout of unusually good weather.
For the full year, total full price sales are expected to grow by 2.2 percent, revised from a previous figure of 1 percent growth. Group profit before tax for the full year is now expected to fall by 1.3 percent, against a previous guidance of a 2.9 percent decline.
Shares in Next are currently trading up 6.18 percent at 5,570.00 (0822GMT).
