Executive Summary

• British fashion retailer Next reported a decline in total full price sales of 3.0%. Next Retail full price sales declined 8.1% year over year, while Next Directory sales increased 3.3%. Sales from new retail space accounted for a full price sales increase of 1.6%.
• Following weak 1Q17 sales, the company lowered its FY17 revenue and profit guidance. The company now expects total full price sales growth for the Next Brand to be between (3.5)% and +0.5%. The company expects FY17 profit before tax (PBT) in the range of £680–£740 million, equating to negative year-over-year growth of between 13.9% and 6.4%.