Next sales down
Wednesday 5th November 2008, 9:47AM GMT.
Next sales have fallen further in the third quarter and the retailer warned spending is not likely to pick up next year.
Like-for-like sales for the 14 weeks to November 1st were down by 4.4 per cent, compared to a fall of 2.4 per cent for the second quarter.
However, Next said the drop in sales is within expectations and has not changed its guidance for the second half – an overall fall of six per cent in like-for-like sales.
Full year profit expectations of between £400 million to £440 million were also maintained.
The retailer added the outlook for 2009 is similar to 2008 as economic turmoil is set to affect high street spending.
In a statement, Next said: “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.”
At 09:13 GMT, Next shares were down 3.56 per cent to 1,085p.
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