Next cuts profit guidance
CLOTHING retailer Next cut its profit guidance after unusually warm weather suppressed demand for its winter wear.
Next said profit for the full-year was expected to be within a range of £750m ($1.2 billion) to £790m. That would represent year on year growth of between eight and 14 per cent, but it is lower than previous guidance of £775m to £815m.
The firm was forced to make the cut after sales for the 13 weeks to October 25, its fiscal third quarter, grew by 5.4 per cent, below its previous forecast of 10 per cent, as shoppers held off buying coats and jumpers.
The company said it did not intend to pay any further special dividends this year but could still make share buybacks.