Next has warned that, if the warm weather continues in October, it may have to lower its full year profit guidance.
The retailer said its sales for the third quarter to date are running below expections because of the “unseasonably warm weather”. Sales are up 6% year on year, lower than the predicted 10% increase. It said cooler weather in August kicked off the season with “several strong weeks”, but the warm weather in September has had the reverse effect.
However, Next’s profit forecast for the full year currently remains the same at between £775m and £815m, as it expects to regain the lost sales when the weather turns.