Oct 31, 2018

Next sales rise as online growth offsets high street slowdown

British clothes retailer Next said its sales had continued climbing in the third quarter with robust growth in its e-commerce business counterbalancing high street gloom. Next, which is the UK's second largest clothing retailer after Marks and Spencer, said its in-store sales had fallen by 8 per cent in the third quarter. Its digital division - which makes up a higher proportion of revenues at Next than for some rivals after it moved its long-running Next Directory catalogue online - saw sales rise by 13 per cent. Total full price sales, including interest income, rose by 2 per cent in the third quarter. The company said it was maintaining the same full year sales and profit guidance that it set out earlier in September, when it upgraded them after an expected slowdown in summer sales did not materialise, and after online revenues outstripped in-store sales at the high street chain for the first time.

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