Next reveals robust online business & 17.9% decline in retail sales
Category: #retail  By Saipriya Iyer  Date: 2020-10-30
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Next reveals robust online business & 17.9% decline in retail sales

Next, a clothing, footwear, and home products retailer, has reportedly revealed its overall Q3 sales, with a 23.1% hike and a 17.9% drop in online and retail sales, respectively.

The company has been conducting half of its sales online, recording an increase of 2.8% in a period of 3 months on a Y-o-Y basis. In addition, it has registered a strong demand for children’s clothing and home items, while the formal and occasion clothing demand has encountered a steep decline.

As per Next’s statement, the company’s online sales continue to be strong in the UK as well as overseas. Moreover, the out-of-town retail parks have been performing better as compared to the high streets and shopping centers.

Next has forecasted a full-year pre-tax profit of £365 million, an increase of £65 million from the September statistics. However, there is a high uncertainty degree in the given estimates, which is likely to be adversely impacted by the possible decision in Northern Ireland, Scotland, and England to shut the non-essential shops. The step has been already taken in Wales to curb the spread of coronavirus.

The non-essential shops closure for 2 weeks may result in a reduction of the full-price sales by over 20% in the Q4, with further local lockdowns expected to affect the sales by nearly 8%.

As per the statement made by Interactive Investor’s head of markets, Richard Hunter, the recent financial report has confirmed the significant growth of the online sales channel. This indicates the enforced changes in consumer habits and can be considered an achievement amid the general economic backdrop.

Mr. Hunter further added that the business outlook has been affected by lockdowns as well as the outcome of the negotiations made between the European Union and the United Kingdom.

According to a recent early trading, the shares of Next were reduced by 0.7%.

Source credit:

https://news.sky.com/story/next-sees-17-9-fall-in-retail-sales-but-online-business-remains-strong-12116618



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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