Next upgrades sales and profit forecast

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Fashion retailer Next has upgraded its forecasts for full-year sales and profits after seeing "encouraging" trading over the past three months.

While the retail environment remained tough, Next said its prospects appeared "somewhat less challenging than they did six months ago".

Next now predicts full-year profits of £687m-£747m, compared with its previous estimate of £680m-£740m.

Its forecast came as it reported a 9.5% fall in half-year profits to £309.4m.

The retailer admitted that the first half of the year had been "difficult", but said sales and profits for the period were in line with its expectations....

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