Next’s Christmas results for the period of 1 August on 24 December 2011, show overall growth of 3.1% on the year previous. Store sales shrunk by 2.7% while Directory sales increased by 16.9%. Neil Saunders, Managing Director of Conlumino comments:

“Overall this is a good performance from Next, albeit against pretty weak comparatives from last year. That said, this is clearly a game of two halves with strong growth in directory sales compensating for weak numbers from stores. Indeed, the decline in store sales is particularly dissapointing when set against a poor performance over the same period last year when sales shrunk by 3.1% because of the disruptive weather.

“That Next has been able to deliver overal growth in a price sensisitve market without resorting to discounting is impressive. Improvements in assortment, ranging and merchndising and strong labels have helped create aspirational, must have product for which consumers are willing to pay full price. In the long run we beleive that Next is a Christmas winner not just because it has delivered sales growth, but because it has delivered it profitably and largely at full margin.

“Looking forward, while there will be further pressure on the high street in 2012, we beleive Next is operationally geared to continue to grow market share and deliver profitable growth.”

Source: Conlumino, 04/01/2012