Next (LON:NXT) has updated investors on its first-quarter performance this morning.
Highlights from the company's statement:
At our full year results announcement in March we said that we expected full price sales in the first quarter to be towards the lower end of our full year guidance range of +2.5% to -3.5%. In line with this guidance, full price sales for the thirteen weeks to Saturday 29 April were down -3.0%. Total sales, including markdown sales, were down -2.5%.
FULL PRICE SALES AND PROFIT GUIDANCE FOR THE YEAR AHEAD
The UK consumer environment remains challenging, particularly in the clothing and homeware markets, and real wage growth is now close to zero.
In our full year results announcement in March we talked about omissions in some of our product ranges. We said that we expected some improvements from May onwards, but that our ranges would not be where we wanted them to be until the Autumn season in September. We still believe this to be the case.
With the first quarter of the year complete, we are now able to narrow our profit guidance range. We have maintained the lower end of the range and reduced the upper end.