{"id":223140,"date":"2023-01-05T11:00:02","date_gmt":"2023-01-05T11:00:02","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=223140"},"modified":"2023-01-05T20:01:56","modified_gmt":"2023-01-05T20:01:56","slug":"next-christmas-sales-exceed-expectations","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/next-christmas-sales-exceed-expectations\/","title":{"rendered":"NEXT Christmas sales \"exceed expectations\""},"content":{"rendered":"

NEXT<\/a><\/span> has reported a 4.8% rise in full price sales year on year in the nine weeks to 30 December, raising its full year profit guidance in response.<\/strong><\/p>\n

The business had had previously guided for a 2% fall in sales over the festive period. It reported that both online and retail store sales \"exceeded full price sales expectations\", with retail being particularly strong and rising 12.5% compared to last year.<\/p>\n

NEXT suggests that it \"underestimated the negative effect COVID was having on retail sales last year\" and subsequently also \"underestimated the effect improved stock levels would have on both businesses\".<\/p>\n

Markdown stock and sales were much higher (60%) than last year, mainly as a result of the \"exceptionally low surplus stock levels\" last year. The business confirmed it is \"planning for this overstock to be corrected in the year ahead.\"<\/p>\n

Shares in the group jumped more than 7% higher as Next said it now expects full year sales of \u00a34.6 billion, up 6.9% on the year before, and for pre-tax profits to rise 4.5% to \u00a3860 million against the \u00a3840 million it pencilled in last November.<\/p>\n

But the fashion group said the year to January 2024 would be tougher as the cost-of-living crisis bites, guiding for pre-tax profits to fall 7.6% to \u00a3795 million on sales 1.5% lower.<\/p>\n

It said the group remains \u201ccautious in our outlook for the year ahead\u201d, pointing to consumer demand being impacted by the cost-of-living and energy crisis, rising mortgage costs and its own price hikes.<\/p>\n

Further price rises are also expected and set to peak at about 8% in the spring, but will ease back thereafter to \u201cno more than\u201d 6% in the second half as currency pressures and freight costs decline, Next predicted.<\/p>\n

Speaking to the PA news agency, Lord Simon Wolfson, NEXT's Chief Executive Officer, said festive trading was given a boost by pent-up demand after an unseasonably warm autumn. But he added consumer spending was also better than predicted in the face of painful cost pressures.<\/p>\n

He said: \u201cEmployment has held up very strongly \u2013 that\u2019s unusual in a recession. That has given people the confidence to spend through the Christmas period.\u201d<\/p>\n

He said shoppers were also dipping into savings built up in the pandemic, while also keeping a tight rein on their energy usage to try and keep bills down.<\/p>\n

However, he cautioned: \u201cNext year is going to be a difficult year.\u201d Prices, which are already rising by about 8%, will remain at the same level into spring and summer, but fall back thereafter with further declines \u201calmost certain\u201d in the early part of 2024.<\/p>\n

\u201cThere is going to be continued pressure on prices, but we can see light at the end of the tunnel.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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