Next: stock in a spin after business update.
(CercleFinance.com) - The Next stock is down over 6% in London this morning, after the clothing retailer announced 1.
3% growth in full-price sales in Q3; however, this growth only reached 0.8% when including sales and special offers.
The British group stated that its sales in August and September increased significantly year-on-year, thanks to warmer temperatures in the UK, which supported sales of summer inventories.
Next has said that it expects a 0.3% decline in full-price sales over the full year, i.e. in the middle of target range provided in September, with the group therefore maintaining its central profit forecast unchanged, narrowing its target range.
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