| Next sales on target as online business outperforms |
 |
 |
 |
|
Next has reported that its autumn and pre-Christmas sales were on target after buoyant online business made up for a poor showing at its stores.
Total sales at the clothes retailer between 1 August and 24 December rose 3.1% compared with a year earlier, ignoring the effect of rising VAT. Next Directory sales grew 16.9%. But its High Street business, which sees some two-thirds of sales, recorded a 2.7% fall, sending Next's share price 4.3% lower in early London trading. Next has seen its share price rise 39% over the past 12 months, easily outperforming a 5% fall in the broader FTSE 100 index. Shares in some other big retailers also fell in the wake of Next's announcement, which was the first trading update of the year from a major High Street chain. |
