30th Sep 2014 12:39
(An item published at 07:37 BST September 30, 2014, misstated the profit guidance. The correct version follows)
LONDON (Alliance News) - Next PLC Tuesday said the unseasonably warm weather in the autumn is having a detrimental impact on its performance and said, if the weather conditions continue, it will have to downgrade its profit guidance for the year.
Next said the cooler weather in August resulted in some strong weeks, but said the warmer weather conditions since have had the opposite effect. It said its third quarter sales to date are up 6% year-on-year, below its previous guidance of 10% growth.
The company said its profit guidance for the full-year remains within its previous forecasts at present and said traditionally these lost sales are regained once the weather turns.
But it said that if the unusually warm weather seen in the UK continues throughout October, the group will have to lower its current full-year profit guidance of GBP775 million to GBP815 million.
Next will release its interim management statement covering the thirteen weeks to October 25 is scheduled for October 29.
Shares in Next were trading 5% lower at 6519.25 pence per share, the worst-performing stock on the FTSE 100 Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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