Weather wipes £25m from Next profits
Next has warned that it has been unable to recover the sales it lost in September and October because of the mild weather and profits will be £25m lower.
On 30 September it warned that profits would be lower if the mild weather continued into October, which it has been further hitting sales.
Rather than a forecast rise of 10% during the third quarter, sales rose by 5.4%. Store sales rose by 2.4% and online/directory by 9.7%. For the year to date sales are ahead by 5.8% and 13.7% respectively.
It now expects full year sales to between 6%-8% higher, rather than the forecast rise of 7%-10%. As a result it has cut its pre-tax profit forecast by £25m to £770m, 8% higher than 2013.