Next upgrades profit outlook again as it benefits from summer spending

Retailer expects to end year with pre-tax profit of £1.2bn, about £25m higher than forecast previously

Next has raised hopes that UK shoppers are still willing to spend despite pressures on household budgets, as it upgraded its profit guidance for the third time this year.

The clothing and homeware retailer said it benefited from sunny weather and the release of some “pent-up demand” in the Middle East and northern Europe in the 13 weeks ended on 1 August.