Heat wave and return of weddings cause a surprising increase in turnover at Next – live updates

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Ggood morning.

There’s a cheery update from Next this morning, which revealed a surprising spike in sales in the last quarter.

Full price sales rose 5 percent in the second quarter, jumping £50m higher than expected. That came despite fears that trade would fall below pre-Covid levels.

Next continued the positive performance on the heat wave, as well as increased demand for formal wear as social events such as weddings returned.

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

But it wasn’t all rosy. Next said it did not expect the trade boost to continue 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 rose this morning following a strong rally on Wall Street as robust economic data and optimistic corporate guidance fueled investor appetites.

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

MSCI’s widest index of stocks in Asia Pacific gained 0.7 percent.

coming today

  • For Business: 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)
  • Economy: Bank of England (UK) interest rate decision, construction PMI (UK), jobless claims (US)

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