| Christmas sales down at Next |
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| Thursday, 03 January 2008 | |
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High street giant Next reported sales at its stores fell in the run-up to Christmas and the company is expecting sales to stagnate in 2008. Next said
same-store sales, which strip out the impact of new outlets, fell 3.2% between 30 July and 24 December. Sales at its Next Directory business, however, were up 2.2% in the period.
According to the BBC, Next said tight controls on costs would help annual profits to come in ahead of forecasts, although it was "extremely cautious" on prospects for 2008. Next is one of the first major High Street names to report its pre-Christmas trading, with some analysts predicting that stores may have experienced their toughest festive period for some years. Next said that it had not discounted prices in the run up to Christmas, and that its sales clearance was progressing in line with expectations. However, it said it was cautious about the outlook for the coming year, with consumers "continuing to face increasing demands on their finances". It forecast its profits for the current financial year would come in "slightly ahead" of analysts' expectations of £492m-£502m. |
