Sales at Next have beaten expectations after the early launch of its summer brochure coincided with unusually warm weather.
In a first quarter trading update, the fashion and home furnishings chain said full-price sales for the 13 weeks to 25 April rose 3.2% – higher than its earlier guidance of 0% to 3%.
“Sales in the first quarter were flattered by the earlier launch of our summer ‘New-In’ brochure, which helpfully coincided with much warmer weather,” Next said on Wednesday.
Its shares rose by 2.8% to £73.65 in early trading and were the biggest gainers in the FTSE 100 index.
Next sent out its summer brochure this month as temperatures soared to 25C in Kent, breaking a four-year record for April. Temperatures have since dropped and most of the UK will be cold for the rest of the week.
Fashion retailers’ fortunes are closely linked to the weather as shoppers decide when to revamp their wardrobes. Next’s profit warning in October showed that unseasonably warm weather had depressed sales of winter coats and knitwear across the sector.
Total sales at Next rose 4.1% – faster than full-price sales – because post-Christmas discounts lasted longer into the current financial year. Next left its pre-tax profit guidance for the year unchanged at £785m to £835m.
