{"id":164511,"date":"2021-04-01T08:14:27","date_gmt":"2021-04-01T08:14:27","guid":{"rendered":"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/"},"modified":"2021-08-06T12:10:49","modified_gmt":"2021-08-06T12:10:49","slug":"next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/","title":{"rendered":"Next profits cut in half after Covid store closures but it ups profit forecast for current year"},"content":{"rendered":"<p>Next has said profits for the last year were slashed by more than half after its stores were shut for large parts of it. However, the group also raised its profit forecast for the current year, as it hailed <strong>soaring online sales in the past eight weeks.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>Next told investors on Thursday that <strong>online sales over eight weeks from the start of February were \u201cstronger than expected\u201d<\/strong> and more than 60% ahead of the same period two years ago.<\/p>\n<p>The retailer said it is therefore<strong> expecting to post a pre-tax profit of \u00a3700 million for the current financial year,<\/strong> up from its previous target of \u00a3670 million.<\/p>\n<p>Outlining its outlook for the year, the group said it believes the <strong>consumer economy, at least in the short term, \u201cwill be healthier than many presume\u201d.\u00a0<\/strong>Analysts expect Next to be one of the retailers to bounce back quickly from the crisis.<\/p>\n<p>CEO Lord Simon Wolfson said it seems likely that a \u201ccombination of <strong>pent\u2010up demand along with a healthy overall increase in personal savings<\/strong>\u201d will help to buoy consumer spending.<\/p>\n<p>The group said it is also working on the assumption that <strong>vaccine rollout will mean that its stores will remain open<\/strong> for the rest of the year.\u00a0However, it said it is unlikely to meet its sales and profits guidance for the year if this does not prove correct.<\/p>\n<p>The projections came as the company said that its <strong>pre-tax profits slid by 54% to \u00a3342 million for the year ending in January<\/strong>, compared with the same period last year.<\/p>\n<p>It said this slump was driven by Covid-19 costs and lower sales due to lockdown restrictions, with group <strong>sales dropping by about 17% to \u00a33.6 billion for the year.<\/strong><\/p>\n<p>In a statement, Next chairman Michael Roney said: \u201cI believe that in difficult times there is a <strong>clearer separation between the stronger corporate performers and the weaker ones.<\/strong><\/p>\n<p>\u201cThis result is due to the formation of a good management team and the establishment of robust processes during less volatile periods.<\/p>\n<p>\u201cOur continued investment over many years in our people and our systems has shown resilient results in the past year.\u201d<\/p>\n<p><a href=\"However, the group also raised its profit forecast for the current year, as it hailed soaring online sales in the past eight weeks.\" target=\"_blank\" rel=\"noopener\"><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>Next has said profits for the last year were slashed by more than half after its stores were shut for large parts of it. However, the group also raised its profit forecast for the current year, as it hailed soaring online sales in the past eight weeks.<\/p>\n","protected":false},"author":68,"featured_media":143113,"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":[10530,3683,10259],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Next profits cut in half after Covid store closures but it ups profit forecast for current year - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Next has said profits for the last year were slashed by more than half after its stores were shut for large parts of it. However, the group also raised its profit forecast for the current year, as it hailed soaring online sales in the past eight weeks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Next profits cut in half after Covid store closures but it ups profit forecast for current year - TheIndustry.fashion\" \/>\n<meta property=\"og:description\" content=\"Next has said profits for the last year were slashed by more than half after its stores were shut for large parts of it. However, the group also raised its profit forecast for the current year, as it hailed soaring online sales in the past eight weeks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/\" \/>\n<meta property=\"og:site_name\" content=\"TheIndustry.fashion\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/theindustryfashion\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-01T08:14:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-06T12:10:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/featureimage-278-scaled-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1570\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"TheIndustry.fashion\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:site\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"TheIndustry.fashion\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/\"},\"author\":{\"name\":\"TheIndustry.fashion\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/1e694ebd9d1ca2c1b0b08c13d8160c35\"},\"headline\":\"Next profits cut in half after Covid store closures but it ups profit forecast for current year\",\"datePublished\":\"2021-04-01T08:14:27+00:00\",\"dateModified\":\"2021-08-06T12:10:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/\"},\"wordCount\":367,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"keywords\":[\"Lord Simon Wolfson\",\"Next\",\"Simon Wolfson\"],\"articleSection\":{\"0\":\"COVID-19\",\"2\":\"Finance\",\"4\":\"News &amp; Insight\",\"5\":\"Retail &amp; Etail\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/#respond\"]}],\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/\",\"url\":\"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/\",\"name\":\"Next profits cut in half after Covid store closures but it ups profit forecast for current year - TheIndustry.fashion\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#website\"},\"datePublished\":\"2021-04-01T08:14:27+00:00\",\"dateModified\":\"2021-08-06T12:10:49+00:00\",\"description\":\"Next has said profits for the last year were slashed by more than half after its stores were shut for large parts of it. However, the group also raised its profit forecast for the current year, as it hailed soaring online sales in the past eight weeks.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.theindustry.fashion\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Next profits cut in half after Covid store closures but it ups profit forecast for current year\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.theindustry.fashion\/#website\",\"url\":\"https:\/\/www.theindustry.fashion\/\",\"name\":\"TheIndustry.fashion\",\"description\":\"Fashion news, insights, podcasts and events for professionals from across the fashion sector.\",\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.theindustry.fashion\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\",\"name\":\"TheIndustry.fashion\",\"url\":\"https:\/\/www.theindustry.fashion\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/06\/LOGO.png\",\"contentUrl\":\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/06\/LOGO.png\",\"width\":585,\"height\":217,\"caption\":\"TheIndustry.fashion\"},\"image\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/theindustryfashion\/\",\"https:\/\/twitter.com\/theindustryfash\",\"https:\/\/www.instagram.com\/theindustryfashion\/\",\"https:\/\/www.linkedin.com\/company\/10970016\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/1e694ebd9d1ca2c1b0b08c13d8160c35\",\"name\":\"TheIndustry.fashion\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a4a921d975273dd89abbaa67292bf147?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a4a921d975273dd89abbaa67292bf147?s=96&d=mm&r=g\",\"caption\":\"TheIndustry.fashion\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Next profits cut in half after Covid store closures but it ups profit forecast for current year - TheIndustry.fashion","description":"Next has said profits for the last year were slashed by more than half after its stores were shut for large parts of it. However, the group also raised its profit forecast for the current year, as it hailed soaring online sales in the past eight weeks.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/","og_locale":"en_GB","og_type":"article","og_title":"Next profits cut in half after Covid store closures but it ups profit forecast for current year - TheIndustry.fashion","og_description":"Next has said profits for the last year were slashed by more than half after its stores were shut for large parts of it. However, the group also raised its profit forecast for the current year, as it hailed soaring online sales in the past eight weeks.","og_url":"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/","og_site_name":"TheIndustry.fashion","article_publisher":"https:\/\/www.facebook.com\/theindustryfashion\/","article_published_time":"2021-04-01T08:14:27+00:00","article_modified_time":"2021-08-06T12:10:49+00:00","og_image":[{"width":1570,"height":1024,"url":"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/featureimage-278-scaled-1.jpg","type":"image\/jpeg"}],"author":"TheIndustry.fashion","twitter_card":"summary_large_image","twitter_creator":"@theindustryfash","twitter_site":"@theindustryfash","twitter_misc":{"Written by":"TheIndustry.fashion","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/#article","isPartOf":{"@id":"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/"},"author":{"name":"TheIndustry.fashion","@id":"https:\/\/www.theindustry.fashion\/#\/schema\/person\/1e694ebd9d1ca2c1b0b08c13d8160c35"},"headline":"Next profits cut in half after Covid store closures but it ups profit forecast for current year","datePublished":"2021-04-01T08:14:27+00:00","dateModified":"2021-08-06T12:10:49+00:00","mainEntityOfPage":{"@id":"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/"},"wordCount":367,"commentCount":0,"publisher":{"@id":"https:\/\/www.theindustry.fashion\/#organization"},"keywords":["Lord Simon Wolfson","Next","Simon Wolfson"],"articleSection":{"0":"COVID-19","2":"Finance","4":"News &amp; Insight","5":"Retail &amp; Etail"},"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/#respond"]}],"copyrightYear":"2021","copyrightHolder":{"@id":"https:\/\/www.theindustry.fashion\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/","url":"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/","name":"Next profits cut in half after Covid store closures but it ups profit forecast for current year - TheIndustry.fashion","isPartOf":{"@id":"https:\/\/www.theindustry.fashion\/#website"},"datePublished":"2021-04-01T08:14:27+00:00","dateModified":"2021-08-06T12:10:49+00:00","description":"Next has said profits for the last year were slashed by more than half after its stores were shut for large parts of it. However, the group also raised its profit forecast for the current year, as it hailed soaring online sales in the past eight weeks.","breadcrumb":{"@id":"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.theindustry.fashion\/next-profits-cut-in-half-after-covid-store-closures-but-it-ups-profit-forecast-for-current-year\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.theindustry.fashion\/"},{"@type":"ListItem","position":2,"name":"Next profits cut in half after Covid store closures but it ups profit forecast for current year"}]},{"@type":"WebSite","@id":"https:\/\/www.theindustry.fashion\/#website","url":"https:\/\/www.theindustry.fashion\/","name":"TheIndustry.fashion","description":"Fashion news, insights, podcasts and events for professionals from across the fashion sector.","publisher":{"@id":"https:\/\/www.theindustry.fashion\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.theindustry.fashion\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.theindustry.fashion\/#organization","name":"TheIndustry.fashion","url":"https:\/\/www.theindustry.fashion\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.theindustry.fashion\/#\/schema\/logo\/image\/","url":"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/06\/LOGO.png","contentUrl":"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/06\/LOGO.png","width":585,"height":217,"caption":"TheIndustry.fashion"},"image":{"@id":"https:\/\/www.theindustry.fashion\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/theindustryfashion\/","https:\/\/twitter.com\/theindustryfash","https:\/\/www.instagram.com\/theindustryfashion\/","https:\/\/www.linkedin.com\/company\/10970016\/"]},{"@type":"Person","@id":"https:\/\/www.theindustry.fashion\/#\/schema\/person\/1e694ebd9d1ca2c1b0b08c13d8160c35","name":"TheIndustry.fashion","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.theindustry.fashion\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a4a921d975273dd89abbaa67292bf147?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a4a921d975273dd89abbaa67292bf147?s=96&d=mm&r=g","caption":"TheIndustry.fashion"}}]}},"_links":{"self":[{"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/posts\/164511"}],"collection":[{"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/users\/68"}],"replies":[{"embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/comments?post=164511"}],"version-history":[{"count":0,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/posts\/164511\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/media\/143113"}],"wp:attachment":[{"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/media?parent=164511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/categories?post=164511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/tags?post=164511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}