Next boosted by pre-Christmas sales performance
Retail giant Next has revealed better-than-expected results for the fourth quarter of its financial year.
The Enderby company says that sales for the nine weeks to December 26 were down 1.1% on 2019 and “much better” than its forecast of a drop in revenue of 8% outlined in October.
Next says full-year profit before tax is likely to be £342m.
The company is predicting a stronger 2021, despite the assumption that its stores will be closed until the end of March, with a profit forecast of £670.
Richard Lim, CEO, Retail Economics said:“Next continued to defy expectations against a hugely challenging backdrop of pre-Christmas lockdowns. It was able to leverage its slick online channel during this vital trading period and offer customers convenient ways to pick up orders through an expansive click-and-collect footprint.
“The retailer is benefitting from years of investment in its online channel and has proved once again its versatility in dealing with the ongoing disruption caused by the pandemic. It is far better positioned to deal with the demanding trading conditions than many of its competitors in the coming months.
“These results are likely to set the tone for a polarised view of the retail sector which separates those with impressive online capabilities with those that do not.”
Next will posts results for the full year ending January 2021 on Thursday April 1.
