Pursuits
Next Deals Blow to U.K. Retailers as Outlook Turns Bleak
- Company ‘preparing for tougher times’ as spending set to dip
- Shares fall as much as 14%, steepest drop since Brexit vote
Next Holiday Sales Miss Estimates
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U.K. clothing retailer Next Plc forecast another tough year after a disappointing Christmas, sending its shares plummeting and dealing a blow to the industry at the start of the holiday reporting season.
Pretax profit for the year through January 2018 will be in a range of 680 million pounds ($834 million) to 780 million pounds, the company said Wednesday, below estimates of about 784 million pounds. Next also cut its forecast for the year ending this month, pushing the stock down about 10 percent and heading for its lowest close in almost four years.