NEXT lifted by strong first half sales
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Shares in high street fashion retailer NEXT (LON:NXT) rose by 9.33% to 5,602p (as of 13:00 BST) after the company announced full price sales during the first half of 2018 were up by 4.5% relative to the same period last year. Management had feared that sales in August would retreat after successful July trading, but as of mid-September there has been no material loss of sales. As a result, the company has increased its full year pre-tax profit guidance by £10 million to £727 million.
Management did warn that the warm weather throughout the summer may be flattering performance and said that they remained cautious regarding the future. Sales in high street stores now account for less than half of the group’s turnover and conditions in the market remain volatile with several well-known headwinds continuing unabated through the current period.
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