Next PLC on Wednesday said sales in its first quarter topped its forecast, and it maintained annual expectations but predicted a ‘weaker’ second-quarter ahead.

In the 13 weeks to April 27, the Leicester, England-based retailer said full price sales were up 5.7% on the prior year, which was slightly ahead of guidance of a 5% rise.

Online full price sales improved 8.8% while retail full price sales were flat.

Next said its guidance for the year ending January 27 is unchanged. Full prices sales are still expected to rise 2.5%. It also expects full price sales growth of 2.5%.

Next added this implies its second quarter full price sales will be down 0.3%.

‘We expect the sales performance in the second quarter to be weaker than the first quarter because last year benefited from particularly warm weather from late May through to the end of June,’ the clothing and homewares seller said.

Annual total group sales including subsidiary companies and markdown sales are expected to rise 6.0% to around £6.2 billion.

Annual group pretax profit is expected to rise 4.6% to around £960 million.

Next said it will release a trading statement covering the first half of its financial 2025 on August 1.

Shares in Next were down 0.6% to 8,956.00 pence each in London on Wednesday morning.

Copyright 2024 Alliance News Ltd. All Rights Reserved.