Next posts marginal drop in Christmas sales

Next posts marginal drop in Christmas sales

Full price sales in the nine weeks to December 26, 2020, at Next Plc, were down 1.1 percent on last year and much better compared to the central guidance of drop of 8 percent, given in our October trading statement. The company said in a statement that during the period under review, the sales gained in online business compensated for almost all those lost in retail stores, with total product full price sales down 0.5 percent.

After accounting for the benefit of better sales in November and December and anticipated losses from store closures in January, the company added that full year profit before tax is forecast to be 370 million pounds before two additional non-recurring items. Next said, a non-recurring profit of 12 million pounds from a 53rd week, along with an additional property provision of – 40 million pounds, mean that total full year profit before tax is forecast to be 342 million pounds.

For the year ahead, the company’s central guidance assumes that retail stores will be closed in February and March and profit before tax will reach 670 million pounds, based on full price sales being flat versus two years ago (i.e. 2019/20).

Total full price sales in January are expected to remain down 14 percent and total full price sales including interest income, for the full year 2020/21, to be down 16 percent.

The online customer base increased has 24 percent on last year driven by new UK and overseas cash customers.

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