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Norfolk Business Awards 2019

Next sees sales growth slows as high street hinders online sales boom

The Next shop, Norwich.
PHOTO: ANTONY KELLY
COPY:
FOR:EDP NEWS
© ARCHANT NORFOLK 2008 (01603 772434)

The Next shop, Norwich. PHOTO: ANTONY KELLY COPY: FOR:EDP NEWS © ARCHANT NORFOLK 2008 (01603 772434)

© ARCHANT NORFOLK 2008

High street giant Next has seen sales growth slow in its third quarter as both high street and online trading eased back.

The fashion and homewares chain reported a 1.3% rise in full-price sales for the three months to October 27.

It said high street retail sales tumbled 8%, while online sales rose by 12.7%.

The result marks a slowdown on the 4.5% rise in full-price sales seen in its first half.

However, Next kept its full-year guidance unchanged, with the group pencilling in annual sales growth of 3% and a 0.1% rise in group pre-tax profit to £727m.

The group upped its full-year profit guidance in September after a better-than-expected first half up 0.5% at £311.1m.

Next said in the “unlikely event” that Brexit ended with free-trade agreements not in place, imported goods costs could soar to around £20m, pushing up prices by around 0.4%.

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