Next shares drop 10% as retailer issues 2017 profits warning

Pre-Christmas sales down

Shares in Next have fallen nearly 10% after the retailer announced a drop in sales over the pre-Christmas period and warned of tougher times in 2017.

The retailer opened 12% lower this morning, and was trading 9.8% down by 11.55am at £43.01, after the firm disappointed investors with its Christmas figures. Next reported a 0.4% drop in sales of full price merchandise between 1 November and Christmas Eve, driven by a continued fall in sales of -3.5% at Next Retail. Meanwhile, end of season sales were down 7% on the previous year. In its statement this morning, the firm blamed tougher trading conditions and forecast full-year profits before tax to be £792m, at the lower end of its previous guidance and 3.6% lower than last year, while...