Jan 5, 2021

City Bulletin: Next and Morrison prove resilient in face of coronavirus

Full price sales for the period were down 1 per cent year on year, well ahead of market expectations for a 5 per cent decline, as online sales jumped 38 per cent. For the current financial year, Next expects a pre-tax profit of £370m before an increased provision against the value of its retail store estate and the benefit of an additional trading week, up slightly from the £365m predicted at its last update in October. Wm Morrison, Britain's fourth-biggest grocer, said group like-for-like sales excluding fuel rose 8.1 per cent in the 22 weeks to January 3. For the three weeks covering Christmas same-store sales surged 9.3 per cent, Morrison said. Morrison cautioned of an extra £10m in Covid-19 costs for the 2021 financial year, bringing the total to £280m, in addition to a £230m cost from refunding business rates relief.

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