Aug 1, 2018

Next shares slump despite sales rise

Shares in clothing retailer Next have fallen 6% in early trading, despite a faster-than-expected rise in sales. The High Street chain said that thanks to the "Prolonged" hot weather, it had sold more lightweight summer clothing earlier in the season. Revenue grew by 2.8% in the three months to 28 July compared with 2017. The retailer was cautious on its prospects for the rest of the summer, saying it had already sold the stock it had hoped to sell in August. Online sales were up 12.5%, but in its retail stores, trade fell by 5.9%. Next maintained its full-year profit forecast at £717m, down 1.3% on 2017.

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