Next's first half profits dip by 1.5%
Fashion and homewares retailer Next has reported a 1.5% drop in first half profits after full price Next brand sales fell by 0.3%.
In the six months to July, profit declined to £342.1 million although revenue increased by 2.6% to £1.96 billion in the period.
In a statement Next said: “In March we predicted a challenging year and this has been reflected in our first half results. Although total Next brand sales were 3.0% ahead of last year, full price sales were down 0.3% on a comparable week basis.”
The company said sales at Next Directory, its online and catalogue business, had performed significantly better than its high street business mainly as a result of improved stock availability, enhanced website functionality and continued growth from label sales and overseas.
Next added: “As expected, it has been a challenging year so far, with economic and cyclical factors working against us, and it looks set to remain that way until mid-October at the earliest. We remain clear about where we need to focus our energies and continue to work on the priorities we set out at the beginning of the year.”
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