Next Shares Surge After Xmas Sales Growth

Next has reported it enjoyed strong sales growth in the run-up to Christmas and has now raised its annual profits guidance.

The retailer confirmed it was to pay a fourth special dividend of the year while announcing a 2.9% increase in full price sales between 28 October and Christmas Eve - with total sales for the year to 24 December rising 7.7%.

Next Directory, which incorporates its online and catalogue offerings, drove the performance with sales in the division rising 7.5% in the pre-Christmas period alone.

The company said it now expected its full-year profit guidance "to be within £10m either side of £775m" - a £5m increase on the midpoint range it had expected in October.

Surplus cash would again be returned to investors, Next said, with its fourth special dividend of the year worth 50p per share.

That development and the wider Christmas cheer boosted its shares by as much as 4% in early trading on the FTSE 100 and gave a lift to rival Marks & Spencer too.

Retailers are on track for a record December following the success of Black Friday sales the previous month, but there are signs that cold weather and some stock shortages may have hit high street sales since Boxing Day.

Next warned that it remained "very cautious" about the year ahead.

The firm said the outlook for UK consumers appeared "relatively benign" with low inflation, wages starting to recover, available credit and strong employment painting a "somewhat more positive picture than recent years".

But the group said it faced comparisons with a strong spring and summer in 2014 while uncertainty in the UK and global economy - with a general election looming - presented risks.

It is expecting sales growth for 2015/16 of between 2.5% and 7.5%, compared with the latest expectations for 2014/15 of 6-8%.

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