Full-price H1 sales at Next exceeded expectations and were up +4.5% YoY, reports retailer Next, which expected to incur greater losses in August. As such, the retailer expects the FY to deliver profits broadly in line with last year's.
However, within that bigger picture, full-price retail sales were down -5.3%. Total sales – including markdowns – reduced by -6.9%. Increasing volumes of sales are transferring online, reports the retailer, which expects store sales to contribute less than half of its group sales, and only 30% of group profit, this year.
Next reports that the UK retail market remains volatile, and that store sales continue to be challenging, yet has outlined plans to improve its fulfilment infrastructure, online marketing and readiness for Brexit – whatever form it may take.