next
Fashion and homeware retailer Next have surprised themselves and financial experts by reporting better than expected sales for the first quarter of 2009, raising it’s profit estimates by £15million for the year.
While the company has suggested that the ‘good weather’ and people staying in the UK because of the weak pound have boosted sales during the period, they have also reported that the effect of the financial crisis on the high street was showing some signs of easing.
Simon Wolfson, Chief Executive of Next said ‘What we are seeing is that things have potentially bottomed out’ although he stopped short of suggesting that the ‘economy or high street’ had recovered, he added ‘It’s just not as bad as we thought it was going to be.’
Sales for the next quarter are expected to be weaker than the first due to tougher comparatives, but pre tax profits are forecast for the year ending January 2010 now stand at pretty healthy £375million, compared to last years £430million.
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