LONDON, Nov 2 (Reuters) - British clothing retailer Next on Wednesday narrowed its full-year sales guidance as itreported a dip in third-quarter trading, though it maintainedits profit forecast thanks to cost savings.
Next, which trades from about 540 shops in Britain andIreland, from franchised stores overseas and online, said thatover the 13 weeks to Oct. 29, its fiscal third quarter, totalfull-price sales fell 3.5 percent.
That compares with analysts' forecasts of down 1.5 to 4.5percent and a second-quarter rise of 0.3 percent.
The firm forecast full price sales for the year to January2017 in a range of down 1.75 percent to up 1.25 percent comparedto previous guidance in a range of down 2.5 percent to up 2.5percent.
The mid-point of Next's new sales range is marginally lowerthan previous guidance. However, it said cost savings have alsobeen better than expected, so its central profit forecast for2016-17 remained unchanged at 805 million pounds ($985 million).($1 = 0.8175 pounds) (Reporting by James Davey, Editing by Paul Sandle)
Next (NXT)