Next third quarter sales drop while online sales advance 9.7%

Next raises profit forecast, reveals sales over Christmas rose 5%
Next is the first major UK retailer to report back on Christmas sales.
// Next Q3 sales decline while online sales rise
// Next’s sales during September were adversely affected by “unusually warm weather”

Next has posted a decline in full price sales in its third quarter, while online sales saw an uptick.

The fashion retailer posted a 6.3 per cent decline in retail sales for the third quarter up to October 30.

Digital sales saw a 9.7 per cent rise during the period.

READ MORE: Next CEO Simon Wolfson sells £10m worth of shares

Next also reported a seven per cent increase in finance interest income, and a two per cent rise in total full price sales, including interest.

The retailer said it now estimates its full year 2020 profit before tax to remain at £725 million, as well as a 0.3 per cent increase on 2018/19 full year profits.

“We believe the improved sales growth in October recouped some of the lost
sales in September and we do not expect sales growth for the rest of the year to be as strong as October,” Next said in a statement.

Next’s sales during September were adversely affected by “unusually warm weather”.

The company said it will issue its Christmas trading statement on January 3.

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