Apr 29, 2020

Next warns hit from coronavirus worse than expected

Next warned the sales hit from coronavirus had been "Faster and steeper" than it had anticipated a month earlier and would take longer to recover, as the pandemic wreaks havoc on the UK retail sector. Even in the best-case scenario, Next is bracing for a 30 per cent drop in full-price clothing sales this year. Next, which employs more than 40,000 people, has previously warned of a £1bn hit to revenues because of coronavirus. The company reopened its online business two weeks ago in a "Very limited" capacity, after it had halted its web operations to protect warehouse workers during the coronavirus pandemic. Next's chief executive Simon Wolfson's pay more than doubled last year, even though he waived his annual bonus to help mitigate the impact of coronavirus.

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