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UK retail bellwether Next has already upgraded its profit outlook for this year after better than expected sales in recent weeks.
The fashion chain, led by chief executive Lord Simon Wolfson, said it expected pre-tax profit this year to be £20mn higher than what it guided in January to just over £1bn.
The group said it was “positive” about its prospects, as it aimed to serve more shoppers globally than just the UK, but cautioned it operated “in an environment where the risks to the wider UK economy are growing”.
The company, which also sells other brands on its website, recorded £1bn in pre-tax profits for the first time in the 12 months to January.
“To some it may seem an important milestone, even a cause of celebration,” Next said. “We do not share that view, not least because profits can go down as well as up. In fact, we think it would be a big mistake to view the company differently just because it has passed any milestone.”
