Next shares hit as sales growth slows

Next shares were down 5.5 per cent today after the British retailer reported a slowdown in sales growth in its latest quarter.

Next, which raised its sales and profit targets last month, said today that it’s full-price sales, including interest income, rose 2.0 per cent in the 13 weeks to Oct. 27, having risen 2.8 per cent in the previous quarter.

For the 2018-19 year,Next forecast full-price sales growth of 3 percent and pretax profit of £727m versus £726.1m in 2017-18.

Next also outlined the group’s Brexit no-deal contingency plans where it warned that in the “unlikely event” that free-trade agreements were not put in place, it could send the cost of imported goods soaring by up to around £20m, which could push up prices by around 0.4per cent.