16th May 2007 10:41
Next PLC16 May 2007 Date: Immediate, Wednesday 16 May 2007 Contacts: Simon Wolfson, Chief Executive David Keens, Group Finance Director NEXT PLC Tel: 020 7796 4133 (16/05/07) Tel: 08454 567 777 (thereafter) Alistair Mackinnon-Musson Nicola Savage Hudson Sandler Tel: 020 7796 4133 Email: [email protected] Photographs available: http://www.next.co.uk/press/ NEXT PLC Interim Management Statement CURRENT TRADE The combined sales for NEXT Retail and NEXT Directory for the fifteen weekperiod from 28 January to 12 May 2007 were up 2.2% compared to the same periodlast year. NEXT Retail sales were up 1.2% in the period. Mainline like for like sales inthe 336 stores that were unaffected by new openings were down -2.7%. NEXT Directory sales were up 4.6% in the period. Trade has been extremely volatile - a good Easter was followed by a verydisappointing first two weeks of May. Overall the current NEXT Retail like forlike performance represents a significant improvement over the -7.2% experiencedlast year and reflects some of the changes made to our product ranges andmarketing. We continue to budget on the basis that first half NEXT Retail likefor like sales will be in the range -1% to -4%. PROSPECTS Whilst we are cautious about the consumer environment for the rest of this yearwe believe we can make further improvements to our ranges, marketing andshopfit. We are budgeting for our like for like sales performance in the secondhalf to be better than in the first. Our current estimate for net additional space in NEXT Retail is 125,000 squarefeet in the first half and 275,000 square feet in the second half, making400,000 square feet for the year. Our cost control and margin management programmes are going well and in linewith our expectations. SHARE BUYBACKS This year we have entered into contingent share purchase contracts which to datehave delivered 100,000 shares at a cost of £2.1m. If contracts currentlyoutstanding continue to maturity then a further 3m shares will be purchased forcancellation at a cost of £67m. - ENDS - This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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