Next's first quarter retail sales fall

Next has reported a 1.9 per cent fall in retail sales in the first quarter, blaming an unseasonably cold March.

Next has reported a 1.9 per cent fall in retail sales in the first quarter, blaming an unseasonably cold March.

The UK retailer said poor weather stopped shoppers from stocking up on new summer ranges in March, which affected the overall performance of the first three months of the year. Sales picked up in April as the weather warmed up.

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.

In contrast, its home shopping catalogue and website division Directory rose 8.9% during the quarter. Brand sales excluding VAT were up 2.2% of which 1.5% came from the opening of new space.

"It is apparent that the poor March figures were down to an abnormally cold spring, equally the good weeks since mid April have been boosted by pent up demand from the previous month," Next said in a statement.

Advertisement
Advertisement - Article continues below

"We believe that neither period is indicative of any significant change in the underlying economy."

The company is confident of meeting its full-year sales guidance range of a 1.0% to 4.0% rise and a profit range of £615m to £665m. Earnings per share are estimated to grow between 4.0% to 13%.

RD

Advertisement

Recommended

Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020
Visit/investments/stocks-and-shares/share-tips/600636/class-acts-going-cheap-buy-into-europes-best
Share tips

Class acts going cheap: buy into Europe’s best bargains

Value investing appears to be making a comeback, while shares on this side of the Atlantic are more appealing on metrics such as price/earnings ratios…
16 Jan 2020

Most Popular

Visit/investments/property/601065/what-does-the-coronavirus-crisis-mean-for-uk-house-prices
Property

What does the coronavirus crisis mean for UK house prices?

With the whole country in lockdown, the UK property market is closed for business. John Stepek looks at what that means for UK house prices, housebuil…
27 Mar 2020
Visit/personal-finance/mortgages/601045/coronavirus-what-it-means-for-your-mortgage-or-your-rent
Mortgages

Coronavirus: what it means for your mortgage or your rent

Ruth Jackson-Kirby looks at all the key questions for owners, renters and landlords affected by the coronavirus crisis.
29 Mar 2020
Visit/economy/small-business/601073/furlough-what-does-it-mean-and-how-does-it-affect-me
Small business

Furlough: what does it mean and how does it affect me?

Many companies have “furloughed” employees after they have shut down because of the coronavirus. But what does furlough mean and how does the scheme w…
30 Mar 2020
Visit/investments/stockmarkets/601068/buy-stocks-for-the-long-term-but-buy-very-carefully
Stockmarkets

Buy stocks for the long term, but buy very carefully

After the wild ride of the last couple of weeks, equities are no longer expensive. But if you do decide to buy, be very, very careful indeed, says Mer…
30 Mar 2020