Next experiences 'sharp reversal' of lockdown trends in H1
By Iain Gilbert
Date: Thursday 04 Aug 2022
(Sharecast News) - Clothing retailer Next said on Thursday that sales in the first half had been "dominated" by "a sharp reversal" of the previous year's lockdown trends.
Next stated second-quarter full-price sales were up 5% year-on-year, driven by a 0.2% increase in online sales and a 12% jump in retail sales amid "unusually warm and dry weather" in June and July.
The FTSE 100-listed group also increased its full-year profit guidance by £10.0m to £860.0m and raised earnings per share forecasts by 7.2%. Full price sales guidance for the second half was also maintained at 1.0%.
Next also highlighted that many product trends also returned to pre-pandemic norms, with lockdown winners such as home and sportswear retreating, while formalwear returned to favour. Online returns rates and surplus stock also reverted to pre-Covid levels.
Reporting by Iain Gilbert at Sharecast.com
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