Shoppers queue outside the Next shoeroom Boxing Day Sale
HIGH STREET fixture Next shared Christmas cheer after revealing a 12% hike in sales during November and December.
The clothing favourite said its improved knitwear, nightwear and gift offerings had helped to bring in customers for a “significantly” better than expected festive shopping season.
Sales across its stores leapt 7.7% higher between November 1 and Christmas Eve, while it said revenues surged by 21% in the Next Directory catalogue and online division.
That led to the firm hiking its profits forecast for the second time in just over two months, with the board now looking ahead to posting a pre-tax profit of around £692m for the year to January – marking year-on-year growth of around 11%.
The trading update set share prices soaring, as Next revealed that it expects to spend £300m buying back stocks or paying quarterly special dividends of 50p per share.
It joins rivals Johns Lewis and House of Fraser in celebrating buoyant festive trade, but a shock profits warning from troubled Debenhams earlier this week revealed the pressure on some high street retailers.
