By Matthew Roscoe • 28 October 2020 • 10:50
UK high street and online retailer Next is outperforming its competitors after reporting better-than-expected sales over the last three months amidst Covid chaos.
THE retail giants have managed to weather the coronavirus pandemic better than its competitors despite offering fewer online discounts.
Supply constraints at its warehouses meant it could focus on full-price sales meaning full-price sales in the third quarter (to October 24) were 2.8 per cent higher than a year ago.
Next is set to continue outperforming its competitors amidst Covid chaos as it expects a full-year pre-tax profit of £365m, a total which is £65m higher than was forecast in September. Shares in Next are also up 1.5 per cent.
Although despite the excellent news, this figure is way down on 2019’s figure, in fact, it is less than half the £748m achieved last year and in a statement, Next has warned that tougher lockdown rules would hurt its business badly:
“The biggest single unknown is whether England, Scotland and Northern Ireland will follow Wales’ decision to shut non-essential retail shops.
“A two-week lockdown in England, Scotland and Northern Ireland in November would reduce Retail full price sales by around £57m3 (depending on timing), representing 17 per cent of Retail full-price sales and 6 per cent of the Group’s full-price sales in the quarter.
“We have found no evidence of the virus being transmitted in our stores; nor are we aware of any studies that suggest clothing and homeware retail presents a significant risk of infection,” it concluded.
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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