Last checked at 30 Sep 2014 07:00
Date: Embargoed until 07.00hrs, Tuesday 30 September 2014
Contacts: David Keens, Group Finance Director NEXT PLC Tel: 0844 844 8888
Alistair Mackinnon-Musson Email: next@rowbellpr.com Rowbell PR Tel: 020 7717 5239
NEXT PLCSales Update
Later this week NEXT will be conducting its biannual investor meetings. Given the recent spell of unseasonably warm weather it is inevitable that shareholders will enquire about current trade. In order to ensure that we can have open conversations with our investors, we make the following observations:
1) Cooler weather in August resulted in several very strong weeks. However, warmer weather in the more important month of September has had the reverse effect. The overall effect is that Quarter Three sales to date are up 6%, which is lower than our previous forecast of +10%.
2) At present our profit forecast for the full year remains within our previous guidance given on 29 July and reiterated on 11 September, and our experience suggests that some lost sales are regained when the weather turns. However, if this unusually warm weather continues for the full duration of October then we are likely to lower our full year profit guidance range of £775m to £815m.
Our next Interim Management Statement will cover the thirteen weeks to 25 October and is scheduled for Wednesday 29 October 2014.