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(Alliance News) - Clothing and homewares retailer Next PLC said third-quarter full price sales were slightly ahead of guidance as it held steady its outlook for the full-year.
Total full price sales were up 2.0% in the quarter to October 26, being last Saturday, which Next said was "slightly ahead" of guidance given in September. Retail sales were down 6.3%, online sales up 9.7% and finance interest income up 7.0%.
In the year to October 26, total full price sales were up 3.5%.
The UK retail bellwether said it thinks strong sales in July pulled forward sales from August, while sales in September were "adversely affected by unusually warm weather". This was followed by a "significant improvement" in October when temperatures fell and the heavens opened with rain.
"We believe the improved sales growth in October recouped some of the lost sales in September and we do not expect sales growth for the rest of the year to be as strong as October," said Next.
As a result, the retailer maintained its guidance for the financial year ended in January, with total full price sales to grow 3.6% and pretax profit to edge up 0.3% year-on-year to GBP725 million.
The firm will issue on trading update covering sales to December 28 early in 2020, on January 3.
By Lucy Heming; lucyheming@alliancenews.com
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