Next has reduced its profit expectations for the year after the unseasonably warm start to autumn hit sales growth in its third quarter.

Sales rose 5.4%, behind its expectations of 10%, in the quarter to October 25.

The slower sales have led Next to cut its central profit guidance for the year by 3% to £770m. It expects profits to come between £750m to £790m, up 8% to 14% on last year.

Prior to the third quarter, its central profit guidance was £795m.

In the third quarter, Next’s retail sales edged up 2.4% over the quarter while its directory sales advanced 9.7%. Sales from new space rose 1.9%.

The retailer said that the cool August meant the season started well but sales weakened due to the warm September and October.

Next has moderated its fourth-quarter expectations due to the “volatility” of current trading along with strong comparatives last year. It is now forecasting that full-price sales will be within -2% to +4% over the quarter. This compares to its initial fourth quarter expectations of +4%

Full-year sales should now come within a growth range of 6% to 8% growth, compared to 7% to 10% prior to its third quarter.

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Next cuts full-year profit expectations as warm autumn hits sales

Next has reduced its profit expectations for the year after the unseasonably warm start to autumn hit sales growth in its third quarter.

Next has reduced its profit expectations for the year after the unseasonably warm start to autumn hit sales growth in its third quarter.