Britain's Next Keeps Profit Outlook after 5% Rise in 2023-24

FILE PHOTO: Workers walk through the More London business district with Tower Bridge seen behind in London, November 11, 2015. REUTERS/Toby Melville/File Photo/File Photo

British clothing retailer Next kept its guidance for sales and profit in the current year after reporting a slightly better than expected 5% rise in profit for 2023-24.
The group, which is often considered a useful gauge of how British consumers are faring, said on Thursday it still expected a profit before tax and exceptional items of 960 million pounds ($1.23 billion) in 2024-25, with full-price sales up 2.5%.
For the year to Jan. 27 2024 it made a profit on the same basis of 918 million pounds, versus guidance of 915 million pounds, on total sales up 5.9% to 5.84 billion pounds, Reuters reported.
"On the face of it, the consumer environment looks more benign than it has for a number of years, albeit there are some significant uncertainties," Next said.
The group said it did not currently anticipate any material adverse impact from stock delays due to disruption to shipments through the Suez Canal.