Next full price sales fall 3.5% in 3rd quarter
Next has adjusted its 2016 profit forecast and cut its sales guidance following a 3.5% fall in full price sales in its third quarter.
The fashion retailer, which had warned of a "difficult" period in advance, reported a decline in full price sales of almost 6% for its stores in the three months to 31 October.
Next Directory sales were flat.
The company said total sales, including markdown sales, for the year to date were 0.4% up on last year but it adjusted its full year sales guidance to -1.75% to +1.25%.
That compares to its previous range of -2.5% to +2.5%.
Statutory profit before tax, the FTSE 100 firm said, for the year would now be expected at between ˆ785m-ˆ825m versus ˆ775m-ˆ845m previously.
Next said: "In August full price sales were subdued following the much larger end-of-season sale in July, and in September we traded against our best month last year.
"October sales improved significantly, as comparative weeks last year became less challenging."
Retailers are facing the prospect of another challenging Christmas period amid pressure to cut prices to drive sales in a competitive environment.
It is predicted that inflation will pick up after the crucial trading season as stores face the prospect of either absorbing higher import costs at the expense of profits or passing them on to shoppers.
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