{"id":164785,"date":"2021-05-06T08:01:29","date_gmt":"2021-05-06T08:01:29","guid":{"rendered":"https:\/\/www.theindustry.fashion\/next-hikes-profit-targets-as-high-street-reopenings-spark-sales-bounce\/"},"modified":"2021-08-06T12:11:17","modified_gmt":"2021-08-06T12:11:17","slug":"next-hikes-profit-targets-as-high-street-reopenings-spark-sales-bounce","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/next-hikes-profit-targets-as-high-street-reopenings-spark-sales-bounce\/","title":{"rendered":"Next hikes profit targets as high street reopenings spark sales bounce"},"content":{"rendered":"<p>High street giant Next has lifted its profit targets for the year after<strong> recent sales bounced above expectations.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>In a trading update the company said it reported <strong>\u00a375 million more in sales than predicted for the 13 weeks to 1 May.<\/strong><\/p>\n<p>It said sales for the period were<strong> only 1.5% below the same three months in 2019<\/strong>, before the pandemic hit the UK. Next had originally expected a 10% fall.<\/p>\n<p>The sales improvement has led the company to <strong>raise its profit targets by \u00a320 million to \u00a3720 million for the current financial year.<\/strong><\/p>\n<p>Next revealed that <strong>store sales surged after it reopened shops<\/strong> across the UK from April 12 in the most recent easing of lockdown restrictions.<\/p>\n<p>It said<strong> total full price sales have risen by 19%<\/strong> over the past three weeks as a result.<\/p>\n<p><strong>Sales from retail stores increased by 2%<\/strong> against pre-pandemic levels, but growth was still significantly driven by its online business, which reported a 52% lift.<\/p>\n<p>However, the firm told shareholders today that it expected the surge in sales to ease back.<\/p>\n<p>\u201cEvidence from last year suggests that this <strong>post lockdown surge will be short lived,<\/strong> and we expect sales to settle back down to our guidance levels within the next few weeks,\u201d the company said in a statement.<\/p>\n<p>It is <strong>still expecting total sales to rise by 3% over the year,<\/strong> with retail store sales falling by a fifth due to the impact of virus curbs.<\/p>\n<p>Next stressed that its <strong>robust recent sales have been driven by online channels,<\/strong> which saw 65% growth over the past three weeks.<\/p>\n<p>It said it was <strong>\u201cnot the case\u201d that almost all lost store sales were transferred online,<\/strong> with the company buoyed by online sales of Next homeware, third-party brands and childrenswear.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>High street giant Next has lifted its profit targets for the year after recent sales bounced above expectations.<\/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":[10585,6,10494],"tags":[3683],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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