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Trading statements

Next says year-to-date sales fell

03 August 2017 07:23

Next reported that full price sales in the second quarter were up 0.7% on last year. Year to date full price sales were down 1.2% just ahead of the mid-point of our full year guidance range given in May.

Directory had a particularly good second quarter with sales up 11.4%, which was driven by strong sales in both the UK and overseas.

We went into the end-of-season Sale in July with 5% less stock and markdown sales were down 14%. This meant that statutory total sales, including markdown sales, were down 2.1% in the quarter and down 2.3% in the first half.

The statutory total sales were understated as a result of a delay in the timing of Directory end-of-season Sale despatches.

Adjusting for this distortion, underlying total sales in the second quarter were down 1.6% and down 2% in the first half.

TRADING PATTERNS AND SALES OUTLOOK

Full Price Sales to Date

During the second quarter June and July sales were better than expected.

We believe there was some improvement in our product ranges and our online functionality during this period.

However, we believe most of the increase in full price sales is due to the much warmer weather and, to a lesser degree, lower markdown sales in the end-of-season sale.

Story provided by StockMarketWire.com

Related Company: NXT

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