Next sales drop again as directory continues to outperform stores

Xavier Trudeau
Août 3, 2017

The table below sets out the sales performance by quarter for Retail and Directory.

Despite this, the fashion retail giant said the recent warm and sunny spell, as well as an overhaul of its product ranges and online offering, saw its overall sales rise by 0.7 per cent in the quarter ending July 29 - an improvement on the three per cent drop seen in the previous quarter.

Full price sales in the 26 weeks to the end of June were down 1.2 per cent compared to the same period in 2016, due to a drop in performance at its stores where full price sales were down 7.7 per cent.

Shares in the retailer were up 8.5 per cent in early trading. This meant that statutory total sales, including markdown sales, were down -2.1% in the quarter and down -2.3% in the first half.

Full price sales in the second quarter were up +0.7% on past year.

The high street chain reaffirmed its guidance that its full-year profits would fall by between 6.4 per cent and 13.9 per cent to £680 million and £740 million respectively, although it slightly improved its sales outlook.

Next said it plans to pay its third special dividend of 45p this year on 1 November. However, the improvement in full price sales has been offset with lower clearance rates during our end-of-season Sale and the assumption we will experience a similar deterioration in our January Sale.

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