Next posts fall in sales

Source: Retail Digital

Date :09/05/2008 11:05:39

Next, the clothing retailer, reported yesterday that combined sales of Next Retail and Next Directory were down 3.9 percent in the first quarter of 2008.

Next Retail sales in the period were down five percent on last year, and like-for-like sales in the 340 stores unaffected by new openings were down 8.9 percent. Sales from Next Directory were down one percent compared to the same period in 2007.

Sales prospects

The company expects sales in the second quarter to improve significantly as a consequence of last year’s unusual weather. They have predicted that total Next Retail sales for the first half will be down by around -3.5 percent, whilst they anticipate that Next Directory sales in the first half could be up by two percent.

The retailer cited the financial pressures on their customers as the reason for the first quarter sales results. They noted that in the last eleven days the warmer weather has seen sales pick up markedly.

The company’s store refit programme continues, as set out in March. By January 2009, Next will be trading from 5.6 million square feet in total, of which four million will be new, refitted or redecorated in the new format.

May 09, 2008