In these tough times when every retailer is struggling to survive and profits and expansion have become things of past, it is good to see a retailer who’s not dissatisfied.
We are taking about the British fashion retailer Next!
The fashion label is elated to see an increase in its apparel sales, all thanks to the increasing cancellation of vacations by the people in the UK. There is no overseas travel and so all those in the UK are spending on apparels.
In fact, Simon Wolfson, CEO, Next Plc, said that though the sales of swimwear have gone down, on the whole the sales of general clothing have been picking up.
The retailer had on Tuesday (28 July) said that it had witnessed better than expected Q2 results, despite a fall of 28 per cent.
Here it is important to note that many people in the UK travel to countries like Spain to get lower apparel prices and importantly it is not happening this time.
Also, with more people at home, online sales too have started picking up – the e-commerce like-for-like sales in the second quarter seeing a jump of 9 per cent.
Simon, however, added that if there is another lockdown, yearly sales could dip by 33 per cent and therefore the retailer is well prepared for the second half.