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Next cuts full-year profit guidance by 3%

Next has cut its full-year profit guidance by 3% after unseasonably warm weather in September and October melted sales of winter stock.

The business, which trades from more than 500 stores in the UK and Ireland, almost 200 stores overseas, and via its online and catalogue Directory arm, said it expected full-year profits of £770m rather than the £795m previously forecast.

It comes after sales for the third quarter to October 25 rose 5.4%, lower than the previous forecast of 10%.

On September 30 Next warned it would reduce sales and profit expectations if colder weather did not materialise.

“Whilst a cool August meant the season started well, this was offset by much weaker sales in September and October,” the company said in a statement today.

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