Next retail sales drop 7.3%

Retailer Next has reported a “challenging” year, with retail sales down by 7.3%, in its annual results to January 2019. Chairman Michael Roney said: “As anticipated, the year to January 2019 was challenging for Next as we continued to experience a structural change in our business, with sales continuing to transfer from our stores to online.” Retail sales were £1.95bn, down from £2.12bn the previous year. Retail profit fell by 21% to £212.3m. Overall full-price sales were up by 3.1%, driven by a 14.8% increase in online sales. While sales have fallen, the statement said rents, rates and service charges