Third time lucky: Next boosts forecasts again

Next (NXT) has upgraded its profit guidance for the third time in four months, on the back of unexpectedly strong demand. The retailer now thinks full-price sales growth will reach 2.6 per cent in the year to January 2024, up from previous guidance of 1.8 per cent. It has also increased its profit before tax forecast from £845mn to £875mn, which would represent a 0.5 per cent increase on last year. The retailer previously feared that profits would shrink, given the cost of living crunch and its own swelling cost base.