The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — Next said its full-price sales in the second quarter declined by a 28 percent, a much better result than it expected at the height of the Covid-19 pandemic, allowing it to forecast full-year profit of about £195 million ($252 million).
"Warehouse capacity has come back faster than we had planned, and store sales have been more robust than anticipated," the British fashion retailer said on Wednesday.
Online bounced as warehouse picking and dispatch capacity returned to normal levels, with sales up 9 percent on the same period a year ago, it said, while like-for-like sales in its stores, the bulk of which re-opening in June, were down 72 percent for the quarter to July 25, and down 32 percent since June 15.
Childrenswear, home, nightwear and sportswear, along with some adult casual clothing, had done much better than the more formal parts of its adult clothing ranges associated with work, going out, overseas holidays and large social events, it said.
By Paul Sandle; editor: Guy Faulconbridge
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.