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Gloucestershire Business News

Next cautious about sales performance

Next sales for the first quarter were ahead of expectations, but the retailer has maintained its profit guidance for the year.

Full price sales for the fashion retailer, which has stores in Gloucester and Cheltenham, dipped 0.7% in the 13 weeks to April 29, better than the -2% forecast, as reported by Retail Gazette.

Next saw a 1.6% decline in online sales and 0.6% fall in store sales over the quarter.

Despite the better-than-expected sales, the retailer said it is too early to alter its expectations for the half or full year.

It is forecasting a 5% drop in sales for the second quarter - believing some of the first quarter's success could be down to people bringing shopping, particularly holiday clothing, forward from the second quarter.

Earlier this year, Next said it will need to raise prices by 7% for its spring and summer ranges and by 3% for its autumn and winter fashions.

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