Next's Q2 sales beat expectations by £70million thanks to favourable weather and "pent up demand" in the Middle East and Northern Europe.

Full price sales in the second quarter were up 9.2% on last year, more than double the 4% which had been forecast.

In a trading statement issued this morning, Next attributed the £70million boost - £19million in the UK and £51million overseas - to three main factors.

It stated: "The weather in the UK was as warm as last year's exceptional summer, which we had not anticipated.

"The release of some pent-up demand in the Middle East and Northern Europe after a weaker first quarter in both territories.

"We were able to spend much more on profitable marketing than we had anticipated."

Off the back of the positive figures, Next has now updated its full year pre-tax profit guidance by £25million to £1.24billion - a 7.3% increase on last year.

FSTE100

The UK's flagship share index, the FTSE 100, was at 10,918 shortly after opening this morning.

Brent crude oil futures were up 0.78%, sitting at $79.98 a barrel this morning.

Companies reporting today

4imprint - Half Year Results

Beazley - Half Year Results

Coca-Cola HBC - Half Year Results

Eli Lilly - Q2 Results

Glencore - Half Year Results

Hiscox - Half Year Results

Ibstock - Half Year Results

Legal & General - Half Year Results

Next - Q2 Trading Statement

Novo Nordisk - Q2 Results

Shawbrook - Half Year Results

Shopify - Q2 Results

Walt Disney - Q3 Results

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