Next tumbles as fashion sales slip

SHARES in Next Group tumbled 46 1/2p to 1055p today as the fashion group said sales growth has slowed in recent weeks.

Figures for the first 15 weeks of its financial year show like-for-like sales at the High Street chain ahead by 5%, but that compares with a figure of 7% over the first seven weeks.

The like-for-like figures are for the 263 Next stores that have been open for at least a year. Including new stores, the increase is 17%.

Next Directory sales are 28% ahead for the 15-week period, which takes the figure for the group as a whole to 20%.

Although Next had warned that its recent impressive growth rates would be hard to sustain, the market took fright at the first signs of a slowdown at the retail sector's brightest star.

Next shares have been among the market's best performers, recently hitting a new peak of just over £11.

Chairman Sir Brian Pitman retired today after four years in the chair and has been replaced by David Jones, formerly chief executive.

Lord Grabiner QC, one of the country's leading commercial lawyers, has been appointed as a non-executive director.