Firstquarter full price sales up 5.7
Expects sales to dip in Q2 due to tough comparative
Still expects sales growth of 2.5 in full 202425 year
Keeps profit forecast of 960 mln stg

LONDON, May 1 Reuters British clothing retailer Next on Wednesday kept its forecast for annual profit after reporting a 5.7 rise in firstquarter full price sales, slightly ahead of its guidance.

With more than 800 stores in the UK and Ireland and nearly 8 million online customers, Next is often considered a gauge of how British consumers are faring.

The group reiterated that it expects its sales in the second quarter to be weaker than the first quarter to April 27 because last year it benefited from particularly warm weather from late May to the end of June.

It expected a profit before tax of 960 million pounds 1.2 billion in its 202425 year, up from 918 million pounds in 202324.

It also kept its forecast for fullprice sales to increase 2.5 over the year, guiding to a fall of 0.3 in the second quarter and a rise of 2.5 in the third and fourth quarters.

Shares in Next were down 1 in early trading on Wednesday, paring 2024 gains to 10, reflecting the lack of a profit upgrade for the year.

Firstquarter store sales were flat, while online sales were up 8.8.

Last month, Next said prospects for Britain39;s consumers were the brightest since before the pandemic.

It said positives included wages rising faster than prices and zero inflation in the group39;s own products. Risk factors were a…