Nov 3, 2021
Next forecasts slow down in sales over Christmas
Next says delays in supply chains, lorry driver shortages and "Pent-up demand" diminishing will lead to sales slowing down over the Christmas period. The retailer said sales had risen by 14% in the three months to the end of October, but forecasted they would only increase by 10% by the end of the year. Next said sales had increased 17% in the three months to the end of October compared with the same period in 2019.Online sales were also up 49.5% in the year to October, while retail purchases were down 28.8%. Image source, Getty Images. Chief executive Lord Wolfson has said labour shortages could be solved by companies hiring overseas workers and paying a "Visa tax". Lord Wolfson suggested businesses could get visas for skills they "Desperately need" and recommended that they should have to pay UK workers the same amount as overseas workers.
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