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Investing.com — Next (LON:NXT) reported a better-than-expected uptick in revenue in the third quarter thanks to a September jump in demand for bulkier items that helped offset a slide in digital sales.
The U.K. fashion retailer posted a 0.4% year-on-year increase in total full-price sales plus interest income in the thirteen week period to October 29, beating company-compiled estimates.
Much of this beat was fuelled by an 11% surge in sales in the final week of September, when a cold snap boosted demand for pricier heavier weight products. Full-price sales in the last five weeks have also risen by 1.4%.
However, online sales dropped by 1.9%.
Shares in Next climbed in early trading on Wednesday.
The company also backed its 2022 income guidance, which it previously pared back earlier this year.
Next estimated that full-year pre-tax profit will come in at £840M, translating to earnings per share of 554.5p. But full-price sales are still seen dipping over the rest of the year, with the figure estimated to contract by 2% on an annualized basis in the fourth quarter.
