Next shares surge on improved profit outlook after better-than-expected Christmas online sales

Clothes retailer Next has upped its profit outlook following better-than-expected online sales over the festive lockdown period.

Shares in fashion retailer Next jumped by more than 8% after it soundly beat its forecast for Christmas sales despite Covid-19 lockdowns closing stores in the UK and Ireland during November and the final shopping days of December, resulting in another upgrade to underlying profit guidance.

Next, which has seen increased demand for children’s clothes and leisurewear during the pandemic, said full-price sales fell 1.1% in the nine weeks to December 26 on last year, beating its central guidance of an 8% drop given in October.