• Q3 net sales grow 5.4%
  • Retail sale up 2.4%
  • Director sales climb 9.7%
Next retail sales in the quarter grew 2.4%

Next retail sales in the quarter grew 2.4%

Unseasonably warm weather in October meant sales for UK fashion retailer Next Plc didn't meet its third-quarter expectations, pushing its share price down in early morning trading.

The fashion retailer has cut its expectations for full-year profit and sales after warmer than average weather weighed on demand for autumn merchandise.

Next said sales during the three months ended 25 October rose at around 5.4%, just half of its expectated growth of 10%. As a result it now expects full-year profit to be between GBP750m and GBP790m, which would still represent an increase over last year of between 8% and 14%.

Next retail sales in the quarter grew 2.4%, while directory sales were up 9.7%.

"Whilst a cool August meant that the season started well, this was more than offset by much weaker sales in September and October," the retailer said in its trading update.

Next's share price was down 1.63% to 6,330 pence at 09:05 GMT today.

Conlumino consultant analyst David Alexander, noted: "Retailers often point to the weather as a means of explaining away poor performances when, in many cases, better planning could have averted much of the negative impact of adverse meteorological conditions."