Next Announces Retail Business Overhaul

Next today announced an overhaul of its retail business, after reporting a decline in profits within retail for the year to January 31, 2007. Next also forecast further profit declines within its retail division for the first half of 2007, with like-for-like sales set to fall by up to 4 per cent.

Next said: "We believe the consumer environment will remain challenging. Whilst we are still cautious for the year ahead we do expect to make progress in stabilising Next Retail like for like sales."

However, Next's directory business, Next Directory, performed much better over the financial year, with sales up 13.1 per cent as the customer base expanded by 6.4 per cent and the number of catalogue pages increased by 13.6 per cent.

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