Hot weather cools profits at Next
Thursday 18 September 1997
However the group said that though the figures forced profits downgrades and were out of line with strong official retail statistics for the month, it believes it has not lost its touch.
Next's announcement that sales in the six weeks since the end of July were just 10 per cent ahead of the same period last year on 8 per cent more space forced the shares down by around 40p in early trading. However, the stock recovered to post a 7p gain to 735.5p.
"We don't believe the Next bubble is going to burst on the basis of six weeks' figures," said chairman Lord Wolfson. Lord Wolfson said mourning for the death of Diana, Princess of Wales, cost the group around pounds 3m of sales in August. But the greatest impact was the hot weather, which encouraged shoppers to sunbathe instead, and a high level of returns from the Next summer sale.
The current trading statement overshadowed Next's half-year figures which showed that pre-exceptional profits rose from pounds 56m to pounds 67.3m. Thestores reported a 20 per cent increase in profits to pounds 36m. Next Directory, the mail order catalogue, also did well with profits up from pounds 11.8m to pounds 15.8m.
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Germanwings plane crash: Video shows co-pilot Andreas Lubitz learning to fly as a teenager
- 3 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Children take eight Isis captives to be beheaded in latest propaganda video
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£20000 - £35000 per annum: Recruitment Genius: This multi-award winning foreig...
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...