Next Lifts Outlook as Strong Sales Offset Higher Iran Costs

Next Plc raised its profit and sales outlook as the British fashion and homewares retailer saw robust demand at the start of the year, even as estimated costs related to the conflict in the Middle East tripled.

Pretax profit is expected to rise to £1.22 billion ($1.7 billion) this fiscal year, Next said Wednesday, slightly higher than its previous forecast. The retailer led by Chief Executive Officer Simon Wolfson also boosted its full-priced sales guidance to 5% growth for the year, up from 4.5% previously.