British fashion retailer Next raised its full-year profit forecast for the second time in two months as it reported better than expected trading in the first-quarter. As per reports, the group had predicted a 10 per cent decline in its first quarter sales as against the same period in fiscal 2019-20. However, the retailer has beaten this forecast by £75 million. Full price sales in three weeks to May 1 increased 19 per cent.

Yet, the retailer has not raised its forecast for the rest of the year as the spike in demand witnessed after each of its previous lockdowns petered away after a few weeks, says Simon Wolfson, CEO.

However, the retailer has raised its forecast for 2021-22 pretax profit to £720 million from the £700 million forecast in April. Post easing of lockdowns, Nike has seen a significant recovery in sales of adult clothing, particularly women’s casualwear. But its sales of warm weather holiday wear, such as swimwear, remained at much lower levels than two years ago.