Reporting on its third quarter sales, fashion retailer Next has seen sales decline due to tough comparisons and harsh discounting.
Figures show that in the three months to 31st October, retail sales dropped 5.9%, whereas group sales fell 3.5% and sales for the Next Directory online division were flat.
Despite this, sales for last month were up and the retailer’s sales for the year so far increased 0.4%, adding that on-sale products had outsold full-price products.
However, it said that cost savings meant its central profit forecast for the full year remained unchanged at £805 million.
Chief executive Lord Wolfson commented back in September that the third quarter would be “difficult” and blamed "economic and cyclical factors working against us" and the warm weather in September meant that no one was buying winter clothes.
Being one of the strongest performers on the High Street, Next has seen its shares drop by more than a third this year, however by close, shares had increased 3.5% and analysists recognised the growth as the chain maintained its profit forecast.
