Next sees decline in shop sales

Next said revenues in its 520 stores fell by 3.3 per cent in the three months to October 29, compared with 1.8 per cent fall in the previous six months. The latest figures also included a 3.4 per cent boost from new store openings.

The group performance was lifted by its catalogue and online business Next Directory, which saw sales growth of 16.9 per cent in the quarter, from 15.1 per cent in the first half.

The group, which said earlier in the year it had been hit by a perfect storm of rising commodity prices and higher VAT, added it is confident there will be no further increase in selling prices in the first half of next year.

Next said profits are forecast to be between £550m and £585m, compared with £551m last year.