Next sees profits rise following ‘unusually warm’ weather

Next has announced a better than expected profit rise following “unusually warm weather” during the first quarter of 2019.

The retailer reported a 4.5% rise on 2018’s figures for full-price sales in the quarter leading up to 27 April. The full-price sales rise falls ahead of the retailer’s initial target of 3.2%, the equivalent of £10m in extra revenue.

Next had been planning for a significant increase in sales during February, however growth for the first quarter of the year was better than expected. Sales in stores were down by 3.6%, but online sales saw an 11.8% growth. Despite the positive figures the retailers said the effect of the figures was “relatively small” and that it was “too early” to revise full year guidance.

A statement by Next said: “We believe this over performance versus forecast was mainly as a result of unusually warm weather over the Easter holiday period, which was particularly helpful to our retail stores.”