Next raises guidance as retail sales jump

(MENAFN- ProactiveInvestors)High Street bellwether Next (LON:NXT) was boosted by strong retail sales as its Directory growth slowed in the third quarter. The recent trend has seen the company like its peers impacted by headwinds in the high street arm but against weak comparable figures the retailer saw a rise of 5.9% in store sales taking its growth for the year to 2.6%. The Next Directory business grew 6.2% in the quarter bringing the growth to 7% for the year to date from 8.2% at the half way mark. 'Retail had a good third quarter but its comparatives were much less demanding than Directory' Next said. Overall group sales rose 6% in the quarter bringing the total growth for the year to 4.4%. The company has increased the low end of its profits guidance to £310mln from £305mln with sales growth rising by a minimum of 4% rather than the 3.5% outlined in its interims.