LONDON (Reuters] – Next, a British clothing retailer, beat sales guidance in the lead-up to Christmas. Next also increased its full-year profit outlook by five times in ten month.

Next, which sells in about 500 shops and online, reported full-price growth of 20% over the period prior to the outbreak. This is compared to the 10.2% guidance.

The forecasted pretax profit for 2021-22 was 822 million pounds ($1.1billion), an increase of 8.8% over the 800 million previously forecast.

Next, the British’s first major retailer, updated on Christmas trading. They said that strong online sales more than compensated for a drop in retail sales.

Online sales increased by 45% while total retail sales fell by 5.4% in Ireland and the UK.

Next, which has a long history of online operations, proved to be a strong performer in the face of the pandemic.

Primark is one of the many online competitors that has suffered a decline in sales. Arcadia-owner of Topshop and Debenhams also went bankrupt.

Next stated that its initial guidance is to increase full-price sales by 7% in the 2022/23 year compared with the current 2021-22 years ending January 2022. Pretax profit is expected to rise 4.6% to 860 millions pounds.

Next announced a special dividend of 160pence per share at the beginning of January. Next stated it also intends to go back to the pre-pandemic cycle of dividends in 2022-2223.

($1 = 0.7400 pounds)