Monday 22 January 2018

Next online sales compensate for shop sales decline

CLOTHES giant Next today said strong online growth had compensated for a faster decline in sales through its shops.

Next said revenues in its 520 stores in the UK and Ireland fell by 3.3pc in the three months to October 29, compared with 1.8pc fall in the previous six months.

The latest figures also included a 3.4pc boost from new store openings.

The group performance was lifted by its catalogue and online business Next Directory, which saw sales growth of 16.9pc in the quarter, from 15.1pc in the first half.

The group, which said earlier in the year it had been hit by a perfect storm of rising commodity prices and higher VAT, added it is confident there will be no further increase in selling prices in the first half of next year.

Next said profits are forecast to be between £550m and £585m, compared with £551m last year.

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