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Next reports better than expected Q3 sales

A strong third quarter performance from Next’s Directory business helped compensate for weak store sales and full-year profits are expected to be up.

Next Directory sales climbed 16.9% in the period to October 29, bringing the year-to-date advance to 15.8%. Retail sales slipped 3.3%, contributing to a year to date fall of 2.3%. The addition of new space
moderated the sales fall.

At group level revenues were up 3.3% in the quarter and 3.2% in the year-to-date.

Next reported that full-year profits are likely to rise by between 1.2% and 7.7% to between £550m and £585m on sales up between 2.5% and 4.5% in total.

Seymour Pierce analyst Kate Calvert said: “Next’s update is better than most had feared, with a knock out performance from Directory making up for an expected weaker retail performance.”

Source : George MacDonald - Retail Week
www.retail-week.com/city/trading-update/directory-sales-power-third-quarter-sales-growth-at-next/5030798.article

02 November 2011
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