Next expected to issue glum trading update with Christmas sales falling flat
Next is expected to post a glum trading update next week. Norwich PHOTO: ANTONY KELLY - Credit: © ARCHANT NORFOLK PHOTOGRAPHIC
Clothing retailer Next will be the first big high street store to post its trading update following the festive season - however the outlook for the brand isn't expected to be rosy.
Analysis has forecast the chain will downgrade its full-year profit expectations, to show a 12.7% fall in store sales in the run-up to Christmas.
Current guidance for annual pre-tax profit stands at £727m but brokers Jefferies is pencilling in a figure of £705m, down from last year's £726m.
The only saving grace for Next could be its online trading arm, which is expected to see a record sales rise of 10%.
Jefferies' James Grzinic explained: 'The combination of mild weather and Brexit-induced UK consumer weakness is bound to have impacted Next's Christmas performance.'
You may also want to watch:
The update comes at a difficult time for the retail sector, with recent data from Springboard suggesting footfall on Boxing Day plummeted 3.1%.
Even online has not been spared, with Asos issuing a pre-Christmas profit warning following a dire November.
Most Read
- 1 Large police presence in Norfolk village after person dies on boat
- 2 Latest situation at Norfolk hospitals sees covid-related admissions remain static
- 3 Parts of Norfolk see heavy snow falls with more to come
- 4 Village pub offers 'proper' 1p 'Penne-y Pasta' dish with alcoholic drink
- 5 Workmen unearth six skeletons during city street overhaul
- 6 Schools close early for Christmas after outbreak of 11 Covid cases
- 7 30,000 Christmas turkeys to be culled in bird flu outbreak
- 8 Man denies running Japanese restaurant from Norwich home for the third time
- 9 Stubborn swan squares up to traffic in Norfolk village
- 10 Farm shop expands after huge lockdown sales boom
