UK Clothing Retailer Next Raises FY22 Sales and Profit Outlook

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Next plc, a British multinational clothing, footwear and home products retailer, increased its full-year sales forecast by 3% to 6%, supported by its eleven-week sales to July 17 beating expectations by increasing by 18.6% compared to the same period two years ago. The company estimates pre-tax profit for the year 22 at £ 750 million.

Next also listed a few factors that contributed to the unexpected sales performance: pent-up demand for adult clothing, with many customers making little summer shopping in the past 18 months; the onset of extremely hot weather in late May and early June. Growth slowed markedly after the very hot weather passed; fewer overseas holidays are likely to have increased domestic spending in the UK; and consumer savings have increased dramatically over the past year.

Over the past eleven weeks, UK sales performance across all divisions Next has improved with the opening of its stores, the UK retailer said in a statement. Label’s performance improved 64 percent and online overseas activities jumped 61 percent.

For the full year, Next’s cash surplus is expected to be £ 240million. The company has also decided to reimburse the government for £ 29million in trade tariff relief. This represents the period of time this year that our stores were not billed at professional rates but were open, the company said.

Fibre2Fashion Information Office (JL)

Next plc, a British multinational clothing, footwear and home products retailer, increased its full-year sales forecast by 3% to 6%, supported by its eleven-week sales to July 17 beating expectations by increasing by 18.6% compared to the same period two years ago. The company estimates pre-tax profit for the year 22 at £ 750 million.

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