socialmedian: Next sales beat expectations

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Next sales beat expectations

Source: Wall Street Journal

Nov 04, 2009

Summary

LONDON (MarketWatch) -- U.K. retailer clothing retailer Next said Wednesday that its third quarter sales were better than expected, with both the retail and directory business performing ahead of the second-half guidance the group gave in September. Next said total brand sales rose 3.1% in the quarter and total retail sales rose 2.2%. On a comparable basis retail sales fell 1.3%, compared to the forecast decline of 3.5% to 6.5% for the second half as a whole. Directory sales rose 5.1%. The group lifted its second-half guidance for comparable retail sales to between flat and down 3% and said it now expected directory sales to grow between 4% and 6% in the second half. If these new targets are achieved, Next said it would expect the market consensus forecast for 2009 pretax profit to increase by around 30 million pounds ($49.3 million) to 472 million pounds.

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