Heatwave and return of weddings spark surprise jump in sales at Next

GGood morning

There’s an upbeat update from Next this morning that revealed a surprise uptick in sales over the last quarter.

Full price sales rose 5 per cent in the second quarter, beating forecast by £50m. This came despite fears that trading would fall below pre-Covid levels.

Next, positive developments from the heatwave contributed, as well as higher demand for formal wear as social events such as weddings returned.

As a result, the retailer raised its full-year profit forecast by £10m to £860m.

But not everything was rosy. Next said it does not expect the trade surge to last and warned that the impact of inflation on consumer spending would worsen in the second half of the year.

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what happened overnight

Asian stocks advanced this morning, taking hints of a strong Wall Street rally after robust economic data and upbeat corporate forecasts boosted investor appetite.

Japan’s Nikkei rose 0.6 percent, while Chinese blue chips also rose 0.6 percent and Hong Kong’s Hang Seng rose 1.2 percent, with an index of its tech stocks rising 2.3 percent.

MSCI’s broadest index of Asia-Pacific stocks rose 0.7 percent.

Comes today

  • Company: Pantheon International (annual results); Centamin, ConvaTec Group, Evraz, Glencore, Hikma Pharmaceuticals, Informa, Meggitt, Mondi, Morgan Sindall, Next, Rolls-Royce, Serco, Spirent Communications, Tritax Big Box (interim)
  • Business: Bank of England Rate Decision (UK), Construction PMI (UK), Unemployment Claims (US) Heatwave and return of weddings spark surprise jump in sales at Next

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