Next pins hopes on weather
Next has conceded that if the unseasonal weather continues it will have to lower its profit forecast after anticipated growth was almost halved.
Ahead of investor meetings, the chain says that 'cooler weather in August resulted in several very strong weeks. However, warmer weather in the more important month of September has had the reverse effect.'
This has seen sales in the third quarter rise by 6% when growth of 10% had been expected.
Next management continues to expect that it will recover some of the lost sales but warned that if the weather continued throughout October it would revisit its forecast of £775m-£815m.
Shares fell by 3.79% in early trading.