Next Plc Q1 Full Price Sales Up; Cuts FY EPS Growth Forecast
(RTTNews) - Next PLC (NXT.L) reported Wednesday that first-quarter total full price sales were up 4.5% on last year, ahead of its forecast.
The growth in sales reflected unusually warm weather over the Easter holiday period, which was particularly helpful to Retail stores.
For the thirteen weeks to April 27, product full price sales grew 4 percent. Retail sales fell 3.6 percent, while online sales climbed 11.8 percent.
The company noted that it recorded strong sales growth during February as prior year's sales were adversely affected by extreme winter weather.
In March, sales were broadly in line with forecast for the full year, sales during April were better than expected.
For fiscal 2020, the company now projects earnings per share growth of 3.4 percent, compared to previous forecast of 3.6% increase.
The company continues to expect total full price sales growth of 1.7 percent for the year.
Full price sales would drop 0.5 percent in the second quarter, but would grow 1.7 percent each in third and fourth quarters.