Total sales in the quarter to 29 October rose by 1.3 per cent
Terming it as an ‘extremely volatile’ trade in the third quarter, fashion retailer Next saw its retail sales fall 7.7 per cent but its online and catalogue sales jumped by 13.2 per cent. Total sales in the quarter to 29 October rose by 1.3 per cent.
However, for the year to date, sales were down 0.3 per cent.
“Week by week sales volatility makes it very hard to determine any underlying sales trend,” the fashion retailer stated, adding “Sales performance has remained extremely volatile and is highly dependent on the seasonality of the weather.” Following this announcement, the company’s shares fell by more than 7 per cent in early trading.
A Next spokesman also told the BBC that the company’s results “mirrored the national trend” as more consumers moved online and that all retailers were having similar experiences.
Reports suggest that Next has had a rocky year. The chain had announced a fall in profits in March for the first time in eight years, following which it had to trim its full-year guidance.