Shares of Next PLC (LON: NXT) are trading nearly unchanged after the company’s higher-than-expected sales in the third quarter helped offset losses from the deteriorating risk sentiment.
The fashion retailer said it now expects full-year pre-tax profit to come at £365 million, higher from £300 million reported in September. Total sales jumped by 1.4% for the three months to October 24, pushed by full-price sales that grew 2.8% and online sales that grew more than 23%.
Following a strong quarter, net debt projection now stands at £625 million after being reported at over £1.1 billion.
“The sales performance by product category remains very similar to the second quarter, with home and childrenswear over-performing while demand for men's and women's formal and occasion clothing remains weak,” Next said in the statement.
“Online sales remain strong, both in the UK and overseas. In retail, out of town retail parks continue to perform better than high streets and shopping centres.”
Next share price now trades at 6110p, or 0.33% positive on the day.
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