Next’s full-price sales rose 6.2% in the first quarter, ahead of group guidance for 4.0% growth. In the UK, double-digit online growth more than offset a 3.4% decline in its retail stores. International sales rose 12.8% over the period.
The Middle East conflict and is now expected to bring £47mn of additional costs this year (previously £15mn). Next currently expects to fully offset this impact through price increases and cost savings.
Full-year guidance has been upgraded, with full-price sales now expected to grow by 5.0% to £5.9bn. Pre-tax profit growth guidance has also been raised from 4.5% to 5.2%.
£196mn of the ongoing £510mn share buyback programme was completed.
The shares were broadly flat in early trading.
Our view
HL view to follow.
Next key facts
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