The high street bellwether said it was 'cautious' in their outlook for the year ahead and expects profit and sales to drop in the coming year despite the cold weather actually helping sales.
For now, Next shares have enjoyed a boost on the back of the news, and the share price was at a high not seen since mid-August.
Other major outlets reported similar growth in the face of expected business disruptions including icy weather andGreggs said sales increased 18.2% in the final three months of 2022, compared to the same time in 2021. For the year as a whole, sales rose 17.8% on 2021.pandemic, Greggs said in a trading update.
Addressing the increased sales, it said"This reflected a favourable trading pattern leading into the Christmas period and softer trading conditions in the comparable quarter of 2021 as a result of disruption caused by the Omicron variant of coronavirus.
Reduced budgets may be no bad thing for Greggs. It said:"While market conditions in 2023 will remain challenging, our value-for-money offer of freshly-prepared food and drink is highly relevant as consumers look to manage their budgets without compromising on quality and taste." Discount retailer B&M has also upped its full-year profit forecast as revenue rose 12.3% to £1.56bn in the 13 weeks to 24 December. As a result, pre-tax profits are expected to be above analysts' expectations and between £560m and £580m.
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