Next pre-Christmas sales drop

Next, the high-street retailer, saw a 0.4% drop in year-on-year sales in the run-up to Christmas Eve.

Next pre-Christmas sales drop

It had expected a rise in sales for the 54 days to 24 December but its trading statement released today tells a different story.

The company said it now expects group profit before tax of £792m for the full year to January 2017. It had expected this to be between £785m and £825m.

The report explained: "Despite a difficult season, stock for our end-of-season sale was well controlled and down -3% on last year.

"However, sales in the end-of-season sale are down -7% on last year; the cost of the lower clearance rates is in the order of £3m.

"Our revised central guidance for full year group profit is £792m, this may increase or decrease by £7m depending on trade in January."

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