Mixed results for Next as it cites extreme snow and outperforming online sales
Clothes retailer Next has blamed the extreme weather conditions in December for the loss of £22m, although it has also claimed that its online sales experienced an initial boost too.
The retailer recorded a fall in store sales for five months, up until Christmas Eve, of 3.1%, while a rise in online sales was experienced of 8.7%, meaning that the company remains on course for annual profits between £540m and £555m.
The company has also warned that it is likely to raise its prices following the increase in VAT to 20% and the rising price of cotton.