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Next shares plunge after results

ct-nextShares in Next fell almost ten per cent, as the retailer reported falling sales and warned that 2017 would be “challenging”.

Next is one of the first retailers to report after the key Christmas and New Year period and is not expected to be the last to publish poor results.

The retailer said full-price sales fell by 0.4% in the 54 days to 24 December, with annual profits now set to be at the low end of expectations.

The firm forecast full-year profits would be £792m, compared with previous guidance of £785m-£825m.

Next said sales in 2017 could be hit as rising inflation erodes earnings growth and squeezes consumer spending.

Posted 4:15 PM Wednesday January 4, 2017. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can leave a response to this entry. Pinging is currently not allowed.

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