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Next raises FY'20 profit guidance

Next PLC on Jan. 3 increased its full-year 2020 profit outlook as it reported healthy sales during the Christmas trading period between Oct. 27, 2019, and Dec. 28, 2019.

During the two-month stretch, the company's total full-price sales including interest income climbed 5.2%, which was 1.1% ahead of its internal forecast.

The British retailer now expects EPS for the year ending January 2020 to come in at 458.7 pence compared to a previous forecast of 457.9 pence, representing 5.4% growth from the previous year. The company expects pretax profit to come in at £727 million compared to the previous expectation of £725 million, up 0.6% from the fiscal year ended January 2019.

Next also expects total full-price sales to grow 3.9% from a previous growth outlook of 3.6%.

For the fiscal year ending January 2021, the company expects group profit to rise 1% year over year to £734 million and EPS to grow 3.5% due to an additional week of sales. It predicts full-price sales during the 12-month period to grow 3.0%.

U.K.-based Next is set to report full-year 2020 results on March 19.