Thursday, June 17, 2021

Next beats Q1 profit forecast

Full price sales in the thirteen weeks to 1 May were down 1.5% on two years ago at Next, which is better than expected.

The retailer’s previous central guidance assumed that Q1 would be down 10%. The company has beaten this Q1 forecast by £75m.

Next has therefore increased its central guidance for full year profit before tax by £20m to £720m.

This profit upgrade accounts for the £75m sales over-achievement in Q1.

The move comes as Next’s performance was bolstered by online sales, which were up 65% in the thirteen weeks to 1 May, while retail sales were down 76%. Sales comparisons are given relative to two years ago (2019/20) as Next believes this is more meaningful than comparing with 2020/21, which was affected by COVID.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.