High Street giant Next is festive bellwether with first post-Xmas sales update
Britain’s second biggest clothing chain Next will offer a snapshot of festive trading conditions on the High Street when it becomes the first retailer to post a Christmas update.
Bellwether: Trading results over Christmas from Next will be closely monitored by analysts
The fashion chain was forced to issue its first profits warning for nearly two decades in October after the mild weather hit demand for winter clothes.
Next was budgeting for 'full-price' sales in the fourth quarter to be within a range of -2 per cent to +4 per cent. It has predicted full-year profits of £770 million based on sales increasing 1 per cent.
Next is widely seen as a bellwether for the high street, so today’s figures will set the scene for a string of retailers' updates.
Struggling clothing giant Marks & Spencer, as well as Tesco and Sainsbury’s, will all report their figures next week.
Veteran retail analyst Nick Bubb said: 'Just like last year, Next deserve considerable credit for holding the line on 'full-price retailing' before Boxing Day.'
He added: 'But the fear is again that it will have lost business to struggling High Street competitors in the short term.'
Shares fell 45p to 6515p.
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