Executive Summary

• British fashion retailer Next reported 1H17 full-price sales decreased 0.3%, with new space adding 1.5% to sales. However, total sales, including markdowns, increased 1.8%in 1H17.
• In 2Q17, full-price sales increased 0.3% year over year, a sequential improvement from the fall of 0.9% in 1Q17.
• The company narrowed its FY17 guidance range for full price Next brand sales by 1% on both the upper and lower bounds. The company now expects total full price sales growth of the Next Brand to be between the range of (2.5)% to +2.5%.
• Next will report full 1H17 results on September 15, 2016.