Oct 28, 2020

Next sees online lift but store sales drop by half

Retailer Next says its sales were higher in the past three months than they were for the same period last year, thanks to strong sales online. Full-price sales were up nearly 3%, while total sales were up 1.4% compared with the same three months last year. The company has raised its profit forecast for the year to £365m. But sales in Next stores have been badly affected by the pandemic and are about half of what they were by this time in 2019. Last month, the boss of Next, Lord Wolfson, said there was a clear threat to thousands of jobs in retail, because the lockdown had triggered a permanent shift to online shopping. The company says homewares and childrenswear sales remain strong, while formal wear sales for both men and women continue to be weak.

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