Nearly £1bn was wiped from UK fashion retailer Next PLC's value in one day after an unexpected profit warning was issued due to 'a difficult festive season' and a drop in sales both online and in store.
Next said profit for the year to December 24 was likely to come in at £792m, a full £100m below forecasts.
Lord Wolfson, Next’s chief executive, warned that 2017 would be even tougher than 2016.
Next is the first major UK retailer to report on Christmas performance, with Marks and Spencer and Debenhams both due to report in the coming week.
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