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.
5 things to start your day with
1) Walls close on Zuckerberg while executives Meta . leave Deep turmoil within social media giant and brain drain at the top are causing founder to become increasingly isolated
2) Rural households cry out for onshore wind turbines, says Octopus boss Energy supplier says it is ‘pushing an open door’ with plans to increase output
3) Taiwan crisis wreaks havoc on ports and disrupts one of the world’s busiest shipping routes China’s live-fire military exercises spark fears of delays and clashes
4) UN chief attacks ‘immoral’ oil companies, claims they are punishing the poor António Guterres calls for action against energy companies around the world
5) Fears of wildfires push Marks & Spencer to stop selling disposable barbecues London Fire Brigade urges other retailers to follow suit
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.
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.
- 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)