LONDON--U.K. clothing retailer Next PLC (NXT.LN) raised its
full-year pretax profit forecast and announced a special dividend
of 50 pence per share after strong online deliveries boosted its
sales in the Christmas period.
Next, which has more than 500 stores in Britain and Ireland and
nearly 200 in other countries, now expects to report a full-year
pretax profit of between 684 million pounds ($1.13 billion) and
GBP700 million, compared with its previous forecast of GBP650
million to GBP680 million.
"The step-up in Christmas trade was mainly down to improvements
in our seasonal knitwear, nightwear and gift offer," Next said.
"In addition, increased confidence in online deliveries meant
that more customers continued to trade with NEXT Directory right up
to the weekend before Christmas."
Next benefited from its decision not to engage in heavy
discounting before Christmas day unlike other retailers. Department
store group Debenhams PLC (DEB.LN) earlier this week issued a
profit warning after coping with "an unprecedented level of
promotional activity" by competitors in the run-up to
Christmas.
Shares closed Thursday at 5,530 pence, valuing the company at
GBP8.57 billion.
Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
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