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Next sales dip in third quarter, maintains profit forecast

Reuters - UK Focus

LONDON, Nov 2 (Reuters) - British clothing retailer Next (EUREX: NXTJ.EX - news) on Wednesday narrowed its full-year sales guidance as it reported a dip in third-quarter trading, though it maintained its profit forecast thanks to cost savings.

Next (Frankfurt: 779551 - news) , which trades from about 540 shops in Britain and Ireland (Other OTC: IRLD - news) , from franchised stores overseas and online, said that over the 13 weeks to Oct (HKSE: 3366-OL.HK - news) . 29, its fiscal third quarter, total full-price sales fell 3.5 percent.

That compares with analysts' forecasts of down 1.5 to 4.5 percent and a second-quarter rise of 0.3 percent.

The firm forecast full price sales for the year to January 2017 in a range of down 1.75 percent to up 1.25 percent compared to previous guidance in a range of down 2.5 percent to up 2.5 percent.

The mid-point of Next's new sales range is marginally lower than previous guidance. However, it said cost savings have also been better than expected, so its central profit forecast for 2016-17 remained unchanged at 805 million pounds ($985 million). ($1 = 0.8175 pounds) (Reporting by James Davey, Editing by Paul Sandle)