Next like for likes continue to fall
Like for like sales down 4.4 per cent.
Next Retail sales were up 0.3% with like for like sales in the 334 stores that were unaffected by new openings were down by 4.4%. Tighter control of Spring Summer stock resulted in fewer markdown sales in August, so full price sales performance was marginally better than total sales. Next Directory sales were up 2.1% on last year.
‘The outlook for consumer demand in 2009 is mixed. On the up-side, lower interest rates and falling fuel and food bills are likely to increase the amount available for discretionary spending at some point during the year. On the down-side, rising unemployment will reduce earnings and falling house prices may encourage people to save more. On balance we therefore expect negative like for likes to continue throughout next year, though not necessarily at any worse rate than the current year’ Next said in a statement
