Next posts improved sales figures

Next has shown that the fashion mistakes it made last Autumn are behind it, after unveiling sales for the Next brand 14.5 per cent ahead of last year, with like-for-like sales up 1.3 per cent.

The figures were for the first 14 weeks of the financial year, and were announced at the retailer's AGM this week. The retailer had reported flat like-for-like sales for the first seven weeks earlier in the year.

Next, which is continuing a share buyback strategy, has bought a further 9.2 million shares since February at a cost of£75 million. It intends to refinance part of its bank borrowings through the issue of sterling bonds in the near future.