Next shines despite the weather
Sales up for clothing retailer
Next has brushed off concerns that poor weather in the UK has hit its performance, reporting a group sales increase of 16 per cent over the past 14 weeks.
The clothing retailer has outperformed City expectations and sent a clear signal that it is continuing to grow market share in the highly competitive UK fashion sector. Reports have suggested the cold and wet start to spring has generally pushed down sales of new ranges.
In a statement coinciding with its annual meeting, the retailer said like-for-like sales in the 316 stores trading for at least a year are up 3.1 per cent, with the figures including 30 stores that have seen sales hit by new openings and extensions.
Factoring this effect out, Next estimates its underlying sales are up 4.9 per cent year-on-year.
The Next Directory home shopping operation has seen sales for the 14 weeks increase by 13 per cent. Next said it expects new stores and extension to increase its selling space by 17 per cent to 3.3m sq ft this year.
