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Sales drop at Next as it scales back full-year profit guidance

Total sales at Next dipped by 2.5% for the 13 weeks to 29 April 2017, as the retailer continues to battle a challenging clothing and homeware market.

Total full price sales were down 3%, with retail sales slumping by 8.1%. Next Directory sales were up 3.3%. 

The retailer said it now expects full-year group profit before tax to be between £680m-£740m, down from previous estimates of £680m-£780m.

Next reiterated its previous statement made at its full year results in March that gaps had been created in its product range after it focused on trend-led product over its core range. Although it has started to rectify the problem, the retailer does not expect its range to be “where we want it to be” until September.

 

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