Next, the British retail bigwig, is delighted and it has reasons for the same!
The clothing retailer has just witnessed its sales and profits in the six months to July 2021 surpass all the predictions and expectations.
The brand full-price sales, for the aforementioned period, have gone up by 62 per cent from 2020, but what’s noteworthy is that the jump has been a decent 8.8 per cent from what it was during the same period in 2019.
That’s enough to delight any fashion retailer – especially in today’s uncertain market scenario.
The profit-before tax for the retailer in the six-month period was £347 million, which is a notable jump of 5.9 per cent from 2019.
Importantly, in the last eight weeks, the full-price sales have shot up considerably by 20 per cent, when compared to two-year back scenario.
Next said that all through the pandemic, the e-commerce performance was good – all thanks to the strong demand for kidswear and homewear, which also, to some extent, helped fill the gap created by store closures. Once the stores reopened in April 2021, retail bounce-back was much better than expected.
For the remaining part of 2021, the British apparel retailer now expects its full-price sales to go up by as much as 20 per cent from what it was in 2019.
Earlier this month, Next had also agreed to manage the US fashion brand Gap’s business in the UK and Ireland.
Also Read: Next to manage US brand Gap in the UK and Ireland