Next says sales dip will not hit profits

HIGH street clothing chain Next has reported a fall in like-for-like sales, but said profits are in line with market expectations.

It reported today that sales in stores unaffected by new openings were down 4.4 per cent in the 14-week period to November 1, although overall retail sales rose by 0.3 per cent. Sales though the Next Directory were up 2.1 per cent on last year.

The company said tighter control of spring/summer stock resulted in fewer markdown sales in August, which meant that full price sales performance was marginally better than total sales.