Next lifts profit forecast on M&S disruption, overseas growth
The British fashion and homewares company said Thursday it now expects £1.1 billion (€1.27 billion) of pretax profit this fiscal year, slightly up from its previous forecast of £1.08 billion.
Next stands out from its UK retail peers for regular outperformance, although during the period sales at the retailer have been boosted by a significant cyberattack on M&S. In May, M&S said it was facing a £300 million hit to operating profit this fiscal year after the cyber incident that disrupted sales and online operations. Warmer weather has also helped drive demand for Next's summer fashion ranges.
Overseas sales at Next also grew faster than anticipated because of highly effective digital marketing efforts, the retailer said.
Next, headed by chief executive Simon Wolfson, expects consumer spending and employment opportunities in the UK to diminish in the second half, as the impact of higher taxes and payroll costs — which mostly took effect in April — filter through the economy. - Bloomberg
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