Next sales rise on warm Easter weather

Next sales rise on warm Easter weather

Next (LON:NXT) announced on Wednesday that the unusually warm weather over the Easter holiday period boosted its full price sales.

In a trading statement, the multinational fashion, footwear and home products retailer said that total full price sales increased by 4.5% in the thirteen weeks to 27 April. This figure is 1.3% above the company’s internal forecast of 3.2% for its first-quarter.

The over performance in the first-quarter amounted to £10 million worth of sales, a figure that is relatively small in the context of its annual sales. As a result, the company said that it is too early to revise its full year sales and profit guidance, and these figures therefore remain unchanged.

Next, which is headquartered in Enderby, Leicestershire, said that its full price retail sales fell 3.6% whilst online sales increased by 11.8%.

Earlier this year, Next posted a 0.4% decrease in its annual profits for the year ending in January. It also revealed that 53% of its sales were now online.

The company reported strong sales for the pre-Christmas period, however, with full price sales for the festive shopping season in line with guidance announced in September.

Retailers across the country are battling with gloomy trading conditions, with companies such as Debenhams among some of the most well-known names struggling lately.

Online retailers are also struggling, with retailers such as ASOS posting an 87% year-on-year first-half profit before tax crash as a result of its weak performance over the festive period, indicated by its unexpected profit warning a few months prior.

According to PwC, almost 2,500 high street stores were closed in 2018, a historic high and consolidation of fears of a high street crisis. As for fashion retailers, 269 stores reportedly closed.

Next has roughly 500 stores across the UK and 200 stores across Europe, Asia and the Middle East.

At 08:43 BST, shares in Next plc (LON:NXT) were trading at -0.62%.