Commodities

UK retailer Next's Q2 sales decline by better-than-expected 28%

Credit: REUTERS/PHIL NOBLE

Next said its full-price sales in the second quarter declined by a 28%, 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 pounds ($252 million).

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LONDON, July 29 (Reuters) - Next NXT.L said its full-price sales in the second quarter declined by a 28%, 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 pounds ($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% 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% for the quarter to July 25, and down 32% 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.

($1 = 0.7739 pounds)

(Reporting by Paul Sandle; editing by Guy Faulconbridge)

((paul.sandle@thomsonreuters.com; +44 20 7542 6843; Reuters Messaging: paul.sandle.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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