Next raises profit and sales forecast as lockdown savings are unleashed

Full-price sales at the fashion retailer in the 11 weeks to July 17 were up 18 per cent on the same period two years ago, before the pandemic struck. As a result, the company expects annual sales to grow by 6 per cent, double its previous estimate. The chain attributed the surge in sales to pent-up demand, especially given the continued difficulty in taking overseas holidays, warm weather at the end of May and into June and the unleashing of lockdown savings. Adult clothing sales fell 6 per cent but that was a considerable improvement on the 46 per cent fall reported in the first quarter, when bricks-and-mortar stores were closed. Childrenswear sales rose 12 per cent and homeware grew 40 per cent, reflecting the redirection of leisure spending into homes and gardens.

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