Next meets forecasts despite weak high street

Next said that total sales were up 1.4 per cent in the 13 weeks to April 28, its first quarter.

Retail sales fell 3.9 percent, versus forecasts in a range of flat to down 5 per cent, while sales at its Directory online and catalogue business were up 11.8 per cent versus forecasts of a 10-15 per cent rise.

Next’s stores were up against tough comparative numbers as last year’s first quarter was boosted by an exceptionally warm Easter and a Royal Wedding. Second-quarter comparatives are less demanding.

“There has been little change in our product costs, gross margins or selling prices in the first quarter and we expect this to continue into the second quarter,” it said.