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FTSE 100 slips as gloomy Next outlook hits shares FTSE edges higher but gloomy Next outlook hits retailers
(about 4 hours later)
Shares in Next slumped after the retailer reported falling sales and issued a gloomy outlook for next year.Shares in Next slumped after the retailer reported falling sales and issued a gloomy outlook for next year.
Its shares dived 12% after it said sales fell 0.4% in the run-up to Christmas and added full-year profits would be at the low end of forecasts. Its shares dived nearly 10% after it said sales fell 0.4% in the run-up to Christmas and added full-year profits would be at the low end of forecasts.
Next also warned that 2017 would be "another challenging year", and predicted a fall in profits.Next also warned that 2017 would be "another challenging year", and predicted a fall in profits.
The news hit shares in other retailers, with M&S down 4.4% and Primark owner Associated British Foods dropping 4.2%. The news hit shares in other retailers, with M&S down 4% and Primark owner Associated British Foods dropping 3.4%.
The falls pulled the FTSE 100 back from Tuesday's record closing high, with the UK's benchmark share index down 2.17 points at 7,180.06 in early trade. The falls weighed on the FTSE 100. The UK's benchmark index had closed at a record high on Tuesday, but spent most of the morning in negative territory. However, shortly before midday it was up 1.92 points at 7,179.81.
However, there was better news for discount retailer B&M European Value Retail, which reported a 7.2% increase in UK like-for-like sales in the three months to 24 December. Shares in the FTSE 250 company jumped 5.2% on the news. Shares in housebuilders helped to bolster the index after upbeat comments from Deutsche Bank. Barratt Developments rose 2.5%, while Persimmon and Taylor Wimpey were both 1.6% higher.
On the currency markets, the pound rose 0.3% against the dollar to $1.2272 and edged up 0.1% against the euro to €1.1769. In the FTSE 250, B&M shares rose 7% after the discount retailer reported a 7.2% increase in UK like-for-like sales in the three months to 24 December.
On the currency markets, the pound rose 0.3% against the dollar to $1.2274 and edged up 0.1% against the euro to €1.1774.