Overview
- The FTSE 100 retailer increased full-year pre-tax profit guidance by about £30 million to roughly £1.135 billion.
- Full-price sales rose 10.5% in the 13 weeks to October 25, with UK sales up 5.4% and overseas up 38.8%.
- Management now expects about 7% full-price sales growth in the quarter to January, up from 4.5%.
- Next will return surplus cash via a special dividend of around 310p per share from a forecast £369 million surplus and will pause further buybacks as the share price sits above its £121 cap.
- Shares rose about 5% on the update, marking another in a series of guidance upgrades over recent months.