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Next CEO "a lot more confident" about prospects than a year ago

Reuters - UK Focus

LONDON, Jan 3 (Reuters) - British clothing retailer Next (EUREX: NXTJ.EX - news) is much more optimistic about its prospects than it was in January last year when it issued a profit warning, its boss said on Wednesday.

"We're a lot more confident than we were at this point last year, which is why we are returning to the (share) buyback," Chief Executive Simon Wolfson told Reuters.

Earlier, Next (Frankfurt: 779551 - news) upgraded its full-year profit forecast for the 2017-18 year after it beat guidance for sales in the run-up to Christmas.

It also said it planned to return a further 300 million pounds ($407.9 million) to shareholders in its 2018-19 year by way of share buybacks, subject to market conditions.

Next shares were up 8.5 percent at 0813 GMT. ($1 = 0.7354 pounds) (Reporting by James Davey; editing by Kate Holton)