Full price sales up 5.7 in nine weeks to Dec. 30
Raises 202324 profit guidance to 905 mln stg
Forecasts 202425 profit of 960 mln stg
Warns Suez Canal issue likely to delay stock deliveries

LONDON, Jan 4 Reuters British clothing retailer Next on Thursday raised its profit forecast for the year to endJanuary 2024 for the fifth time in eight months as it reported a betterthanexpected rise in Christmas sales.

The group, which trades from about 460 stores in the UK and Ireland and has an online presence in over 70 countries, did, however, caution that difficulties with access to the Suez Canal, if they continued, were likely to cause some delays to stock deliveries in the early part of the year.

Next is often considered a useful gauge of how British consumers are faring.

Britain39;s shoppers have been hit by a rise in borrowing costs which stand at a 15year high and by rapid inflation which dropped below 4 in the latest data but has outpaced growth in wages for much of the past two years.

Despite that, Next said fullprice sales rose 5.7 in the nine weeks to Dec. 30.

Sales in stores rose 0.6 year on year, while online sales were up 9.1, benefiting from service improvements.

It said it now expected pretax profit before exceptional items for the year to January 2024 of 905 million pounds 1.15 billion, above previous guidance of 885 million and the 870.4 million it made in 202223.

The group also gave guidance for its 202425 year, forecasting a rise in fullprice sales…