{"id":163211,"date":"2020-10-28T08:21:01","date_gmt":"2020-10-28T08:21:01","guid":{"rendered":"https:\/\/www.theindustry.fashion\/next-ups-profit-guidance-as-summer-sales-exceed-expectations\/"},"modified":"2021-08-06T12:08:46","modified_gmt":"2021-08-06T12:08:46","slug":"next-ups-profit-guidance-as-summer-sales-exceed-expectations","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/next-ups-profit-guidance-as-summer-sales-exceed-expectations\/","title":{"rendered":"Next ups profit guidance as summer sales exceed expectations"},"content":{"rendered":"<p>Next has revealed better-than-expected sales over the summer, with<strong> strong trading in children\u2019s clothing and homeware products,<\/strong> although there was a fall in formal and party clothes due to the pandemic.<\/p>\n<p><!--more--><\/p>\n<p>The company said <strong>total sales in the three months to 24 October rose 1.4%<\/strong> \u2013 or 2.8% when interest from consumer credit is included.<\/p>\n<p>The company said it <strong>now expects pre-tax profits for the year to hit \u00a3365m \u2013 \u00a365m<\/strong>\u00a0<strong>more than first expected \u2013<\/strong> with net debt forecast to fall by \u00a3487m to \u00a3625m.<\/p>\n<p>In a statement to the London Stock Exchange, Next said: \u201cThe sales performance by product category remains very similar to the second quarter, with home and childrenswear over-performing while <strong>demand for men\u2019s and women\u2019s formal and occasion clothing remains weak.<\/strong><\/p>\n<p>\u201cOnline sales remain strong, both in the UK and overseas. In retail,<strong> out-of-town retail parks continue to perform better than high streets<\/strong> and shopping centres.\u201d<\/p>\n<p>The number of products sold with a markdown \u2013 in the sales \u2013 fell 12.3% against a year ago, although Next explained this was due to <strong>fewer customers in stores and a focus in its warehouses of full priced goods.<\/strong><\/p>\n<p>Sales <strong>outperformed particularly strongly in the final two weeks of August<\/strong>, as the Government was encouraging workers back to offices and before the Rule of Six was introduced.<\/p>\n<p>They <strong>fell sharply in September, but regained momentum in October<\/strong> and beat sales from a year earlier.<\/p>\n<p><strong>Online sales remain strong, jumping 23.1%<\/strong> in the three months to October 24, although store sales continued to be weak \u2013 down 17.9% during the period.<\/p>\n<p>Laying out three scenarios for the all-important Christmas trading period, the company said <strong>sales could fall 8% based on their \u201ccentral scenario\u201d,<\/strong> which includes further lockdowns, customers avoiding busy stores in the run-up to Christmas, and increased self-isolation.<\/p>\n<p>An \u201cupside\u201d scenario predicts a flat period of sales, compared with last year, where \u201cbusier stores prove no further deterrent to retail shopping\u201d, and no further lockdowns.<\/p>\n<p>The \u201cdownside\u201d one would see a two-week lockdown, with sales falling 20%.<\/p>\n<p>Next added: \u201cThe<strong> biggest single unknown is whether England, Scotland and Northern Ireland will follow Wales\u2019s decision<\/strong> to shut non-essential retail shops.<\/p>\n<p>\u201cA two-week lockdown in England, Scotland and Northern Ireland in November would reduce retail full-price sales by around \u00a357m (depending on timing).\u201d<\/p>\n<p>\u201cWe have <strong>found no evidence of the virus being transmitted in our stores,<\/strong> nor are we aware of any studies that suggest clothing and homeware retail presents a significant risk of infection.\u201d<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/subscribe-now\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-144088 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Daily-Newsletter-Banner.png\" alt=\"Newsletter banner\" width=\"1680\" height=\"268\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":140758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,10585,6,10494],"tags":[11222,3683,35],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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