The chances are that investors may not be particularly impressed by what the fashion seller said yesterday. Next said that its trading was ''extremely volatile'' and warned that sales could fall again as it heads into the festive period.
The assessment came despite a rise in third quarter earnings. According to Next, full-price sales had gone up by 1.3 per cent in the three months to October 29. This was helped mostly by its stronger Directory division, where sales were up by 13.2 per cent.
Next's retail business found trading tougher, however, with full-price sales dropping by 7.7 per cent during the period. This has continued a trend at the fashion seller, where there is a growing and marked divergence between its shops and its stronger catalogue business.
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