Next predicts bigger profits as shoppers flock to summer sale

Wet weather fails to dampen demand as retailer raises profit guidance again

Strong trading at Next's summer sale as shoppers continue to spend more on clothing than expected has prompted a second profits upgrade at the retailer in just over six weeks.

Next, which has about 550 stores in the UK and Ireland and is considered a good barometer of British consumer spending, said it expected to make 845m in annual profit, 10m more than previously forecast, as last month's exceptionally wet weather dampened, but did not snuff out, shopper demand.