Next shares jump as it raises profit forecast

Shares in Next were up by 7 per cent in early trading today after the British fashion retailer upgraded its full-year profit forecast. It now expects a full-year pretax profit of £717m – up from previous guidance of £705m.

“Sales in our online business were particularly strong and up 18.1 per cent, driven by the growth of Next branded stock and third party brands on our UK platform along with continued growth from our overseas business,” the company said.

“…We intend to return the balancing £105m of surplus cash to shareholders through share buybacks over the course of the year, subject to market conditions,” it added.