Next reports 'disappointing' sales

LONDON, UK: British clothing retailer Next said on Wednesday that its pre-Christmas performance was "disappointing" as a drop in sales at its many stores in Britain and Ireland overshadowed a jump in online business.
Next reports 'disappointing' sales

Next said that high street sales between August and Christmas Eve dropped 2.7% compared with the same period in 2010, despite the previous year's performance taking a hit from cold weather that kept shoppers indoors.

The company that runs 500 stores across Britain and Ireland added that online sales grew 16.9% between August and December 24 compared with a year earlier.

"Despite a good final week before Christmas, November and December (high street) sales were disappointing given that snow adversely impacted sales in 2010," Next said in a trading update.

Next shares were the biggest faller in morning deals on London's FTSE 100 index, sliding 4.49% to 2,618 pence. The FTSE, comprising 100 companies, slipped 0.10% to 5,693.99 points.

Source: AFP via I-Net Bridge


 
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