Retailer Next reveals festive sales beat expectations
The fashion and homewares chain said it now expects pro-rata 52-week annual profits of £370 million for the year to the end of January, against £365 million previously pencilled in.
Profits were on track to hit £393 million before the tighter restrictions and latest lockdown announced on Monday evening.
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Hide AdIt warned that total full-price sales are set to tumble by 14% in January, which will leave full-year sales 16% lower.
Next also cautioned that it was seeing stock delays of up to three weeks due to pandemic disruption on shipments from the Far East, which has left stock levels 10% lower than two years ago.
It expects stock issues to “steadily improve” and return to more normal levels by the end of March.
Next is forecasting profits of £670 million for 2021-22, with a sales recovery expected in the final six months of the year.