Next lifts profit targets as retailer beats forecasts again

Next has increased its full-year profit forecasts for the fourth time this year, raising expectations by £12m to £1.26bn. The FTSE 100 retailer reported a nine per cent jump in group sales during the first half of the year, defying inflation and consumer spending slowdowns. The company attributed this unexpected boost to warmer weather. Next holds UK rights for Gap and Victoria’s Secret, alongside stakes in Reiss and Joules, while warning that prices may rise this autumn.