herald

Tuesday 17 October 2017

Next forecast comes down a size

Retail giant Next - which has outlets across Ireland - is less optimistic about its sales than previous forecasts suggested.

The clothing company, which trades from more than 500 stores across Ireland and Britain, estimated sales growth of between 1.5pc and 5.5pc in the year to the end of next January, compared to a previous estimate of 2.5pc to 7.5pc.

That uncertainty sent shares in the firm falling. The shares were up 19pc over the last year, but fell as much as 3.4pc yesterday morning after the announcement.

Weather

Chief executive Simon Wolfson said it had been difficult to forecast sales for the summer because it couldn't really compare it with last year, which were helped by unusually warm weather.

Mr Wolfson said low inflation and strong employment painted a positive economic picture. But he said there was little evidence consumers were spending more disposable income on clothing.

Promoted articles

Entertainment News