Apr 1, 2021

Next sees online sales jump but profits plunge

High Street chain Next has revealed that profits for the last year more than halved after its stores were closed for long periods during lockdown. It said pre-tax profits fell 54% to £342m for the year ending in January compared with the previous year. It said this slump was driven by Covid costs and lower sales due to lockdowns. Group sales dropped by 17% to £3.6bn for the year, but online trade helped boost that figure. In the second half of the year, the sales lost across its shops were almost entirely offset by online at £364m. Next said on Thursday that online sales across the group had increased by more than 60% on two years ago.

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