Retailers are really struggling today – apart from the one that set them off
The retail sector has been having a tough old day of it today – all apart from the one company that may be at the heart of it.
Next issued a gloomy update today, with an in-line decline in quarterly sales and a warning of "weaker underlying demand for clothing and a potentially wider slow-down in consumer spending”. As a result, the high street giant has lowered its full year guidance.
But investors have taken this news with particular good grace: Next has been leading the FTSE 100 throughout the day and its share price is currently up more than five per cent.
[stockChart code="NXT" date="2016-05-04 15:12"]
Conversely, its direct rivals are seeing their share prices suffer. Marks & Spencer's share price is down one per cent, while Debenhams has fallen 2.8 per cent.
[stockChart code="MKS" date="2016-05-04 15:12"]
[stockChart code="DEB" date="2016-05-04 15:13"]
FTSE 250-listed retailer Mothercare's share price was down 4.6 per cent at pixel time.
And let's not even go into the supermarkets, which have all been suffering the after-effects of Kantar's update this morning.
Next might have sneezed but as far as today's trading goes, it's the other retailers who have caught the flu.