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Next Second Quarter Sales Dropped 28%

The British retailer said the decline was better than expected and has forecast full-year profit of around $252 million.
Next store | Source: Shutterstock
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  • Reuters

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

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