Executive Summary

• British fashion retailer Next reported that total full-price sales increased by 1.3% in 3Q17. Full-price sales in the Next Retail segment declined by 7.7% year over year, while Next Directory full-price sales increased by 13.2%.
• Sales from new retail space accounted for a full-price sales increase of 1.2%.
• The company has narrowed its FY17 revenue and profit guidance following the 3Q17 results. Next now expects the Next brand to generate total full-price sales growth of (1.75)%–1.25% for the year. The company expects FY17 profit before tax (PBT) of £692–£742 million, representing year-over-year growth of (12.4)%–(6.1)%.