Markdown sales help Next make slim growth on business

Markdown sales at Next have helped it to increase its total sales in the past 12 months by 0.4% on last year.

Markdown sales grew faster than full price sales due to a much larger end-of-season Sale in July. Full price sales for the year to date fell by 1.5% on last year, Next’s latest trading statement shows.

The company predicted that trading in the third quarter would be difficult and in August full prices sales were down 7% following a much larger Sale in July.

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Likewise, this year’s September sales fell by 5.1% on last year, after a strong benchmark set in 2015 which was the company’s best month last year.

October sales increased by 1.3% on last year owing to a poor trading period the same time 12 months ago.

Next’s report also revealed that it has narrowed its sales guidance from -2.5% – +2.5% to -1.75% – +1.25%. It announced that cost savings have been better than expected so its profit forecast remains at £805m.

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