British clothing retailer Next reports 'disappointing' sales
British clothing retailer Next said on Wednesday that its pre-Christmas performance was "disappointing" as a drop in sales at its many stores in Britain and Ireland overshadowed a jump in online business.
Next said that high street sales between August and Christmas Eve dropped 2.7 percent compared with the same period in 2010, despite the previous year's performance taking a hit from cold weather that kept shoppers indoors.
The company that runs 500 stores across Britain and Ireland added that online sales grew 16.9 percent between August and December 24 compared with a year earlier.
"Despite a good final week before Christmas, November and December (high street) sales were disappointing given that snow adversely impacted sales in 2010," Next said in a trading update.
Next shares were the biggest faller in morning deals on London's FTSE 100 index, sliding 4.49 percent to 2,618 pence. The FTSE, comprising 100 companies, slipped 0.10 percent to 5,693.99 points.
© 2012 AFP