High street giant Next has confirmed reports that it will take part in the Black Friday discounting bonanza tomorrow for this first time ever.
The retailer is known for its strict approach to discounting and has always eschewed the temptation to mark down stock mid-season sticking to two sales a year; one in the summer and one that begins on Boxing Day, which often leads to large queues outside of its stores.
Some customers have already reserved early access to the online sale, which will open to all customers tomorrow morning at 3am. Details of exactly what will go on sale are as yet under wraps but reports suggest the retailer could offer up to 70% off a selection of womenswear, menswear, kidswear and homewares.
Earlier this month Next announced that its retail sales had dropped by 7.7% in Q3 (ending 29 October), a steeper drop than analysts had been expecting. However its Directory division had a strong quarter with sales up 13.2% leading to an overall growth in full price sales of 1.3%.
But the retailer spooked the market by pointing to “week by week sales volatility” saying it was hard for the business to determine any underlying sales trend in the market at the moment, making future sales forecasting difficult. Its shares dropped 8% on the morning of the announcement.