Nov 1, 2017

Next shares drop after gloomy trading update

Shares in the retailer fell by as much as 7 per cent on Wednesday, despite steady improvement in its catalogue and online business. The payment card provider registered a modest increase in spending in September, when Next also enjoyed a better month, which it attributed to the weather. Next reported a 1.3 per cent year-on-year increase in full-price sales in the three months to October 29. Chief executive Simon Wolfson has been so gloomy in recent trading updates that in August just being "Marginally less pessimistic" was enough to send the company's shares up 10 per cent in a day. The declines on Wednesday leave Next shares roughly where they were a year ago.

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