Next hit by sales downturn
Fashion retailer sees High Street slump
October 3 2002
A trading statement from Next has confirmed rumours of a slump in sales for the clothing retailer.
Like-for-like sales have fallen and the company has had to clear high levels of stock at discounted prices.
Total like-for-like sales for the 274 stores which have traded for a year or more rose just 1 per cent in the period from July 28 to October 2. However, taking out the impact of a two week sale in August, when discounted sale stock levels were higher than usual, like-for-likes are down 3.1 per cent.
Total store sales are up 9.9 per cent, reflecting an expansion in store numbers and trading space over the past year, while sales in the Next Directory home shopping business are up 19.9 per cent. Total Next brand sales are 12.2 per cent ahead of last year.
