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Trading statements

Next says Q1 full-price sales fall 3.0%

04 May 2017 07:35

Next says its Q1 full-price sales fell 3.0%, this comprising an 8.1% slide in full-price Next Retail and a 3.3% gain in Next Directory.

"The UK consumer environment remains challenging, particularly in the clothing and homeware markets, and real wage growth is now close to zero," the retailer said.

With Q1 complete, has maintained the lower end of its profit guidance range and reduced the upper.

Next now saw FY pretax profit as coming in at £680m-£740m, from a prior expectation for £680m-£780m.

This equated to fall of between 6.4% and 13.9% on the year, versus prior views for a fall of between 1.3% and 13.9%.

"Our cash flow remains strong and at the lower end of our guidance range, we expect to generate £255m of surplus cash after deducting interest, tax, capital expenditure and ordinary dividends in the current year," said Next.

"In our January 2017 trading statement we advised that we intended to distribute this surplus cash to shareholders by way of four quarterly special dividends of 45p each.

"We paid our first special dividend of 45p per share on 2 May. The Board has decided to declare a second special dividend of 45p per share to be paid on 1 August 2017 to shareholders registered at the close of business on 7 July 2017."

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Related Company: NXT

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