Next sales decline steepens
Like-for-likes down sharply for fashion retailer
Next has seen the rate of like-for-like sales decline in its high street stores over recent weeks.
In a statement to shareholders at the company’s annual meeting, chairman David Jones said that across the first 15 weeks of the current financial year, like-for-like sales in the 273 stores trading for at least a year and unaffected by new space are 3.2 per cent down.
Including those stores impacted by the opening of new space, like-for-likes are 6.3 per cent below last year.
The figures show that sales have dipped further since Next last updated the market in March. At that time, it said that for seven weeks to March 20, like-for-likes at stores unaffected by new space were down 0.9 per cent, with total like-for-likes down 3.5 per cent.
However, the opening of new stores and the continued success of Next’s home shopping arm have kept total sales growth in positive territory. Across the 15 weeks, total retail sales are up 6 per cent, with Next Directory sales up 8.1 per cent. As a result, combined total sales for the brand are up 6.6 per cent.
