Next Nudges Sale Forecast for the Year Higher
After confirming that shoppers are in a better financial shape this year, and spending have seen a rise, and posting much better than expected quarterly results, Next, a leading fashion chain, has revised and nudged its sales forecast for the year higher.
The company has reported that "high street climate has been more benign" than expected by it for the quarter ending October 31, and the situation has been helped by "encouragingly low inflation and interest rates". Also, Next has revealed that its customers are managing their credit very carefully, which shows a "general improvement in consumer finances".
Figures revealed by the fashion company have confirmed a 1.3% decline in like-for-like sales, which is a figure much better than what was being expected. For the first half of the current year, the retailer's sales had recorded a small 2.5% drop, and the improvement has encouraged Next to do away with its earlier fear that sales would continue to drop and might even stop for a while. The company has now raised its earnings expectation from 0-2% to 4-6%.
Reportedly, the retailer's online sales also went up by 5.1%. Post the revelation of figures, Next share prices rose by over 4%.
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