Next wins festive sales war
The UK’s second-largest clothing retailer raised its full-year profit forecast after sales significantly exceeded company expectations, sending the shares up as much as 11%. Like John Lewis and House of Fraser, which yesterday reported stronger holiday sales, Next growth was driven by its online business, while it also avoided the pre-Christmas discounting that led competitor Debenhams to forecast a profit slide.
“Retailers that have been absolutely consistent and aren’t chopping and changing their strategy, like Next and John Lewis, are winning hands down,” said Bryan Roberts, an analyst at Kantar Retail in London.
