Next like for likes down 7 per cent
Next’s like for like sales were within the guidance range of -4.0 per cent to -7.0 per cent which the company gave in September and repeated in November
Next saw a 1.9 per cent decline in sales in the half year to Christmas Eve, with like-for-like sales in at the low end of expectations.
Next Directory sales rose by 1.1% from the same period a year ago, while Next Retail sales were down 3 per cent.
Like for like sales in the 347 stores that were unaffected by new openings were down 7 per cent.
Next said that 2009 looks set to be another challenging year. The company is budgeting very conservatively, with negative like for like sales for the full year, and expects the first half to be particularly difficult.
Nexts like for likes were slightly better than analysts had expected. The company had held back on early sales discounting and started its sale with 8 per cent less stock than last year ad expects clearance rates to be ahead of last year.
