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Shares in high street retailers cool on Next’s warm weather warning
SHARES in the UK’s biggest clothing retailers slumped yesterday after industry bellwether Next warned it might have to cut its profit forecast if the warm weather continued.
Next said third-quarter sales to date were up six per cent rather than the 10 per cent it had forecast as the mild September weather deterred shoppers from stocking up winter clothes.
It left its full-year profit range of £775m to £815m unchanged, but warned that it could be lowered if the warm weather continued.
Shares in Debenhams, Marks & Spencer, French Connection and Ted Baker declined yesterday following the statement.
It also comes less than two weeks after John Lewis reported a drop in weekly sales earlier this month, citing the milder weather.