British clothing brand Next Plc has raised its yearly earnings forecast again! It’s the third time in the year.
As the surge in the demand for kidswear has helped the retailer improve its sales, Next has said that it now hopes to make a pretax profit of 365 million pounds for the year.
The previous annual earnings forecast was 300 million pounds.
The e-commerce sales for the retailer have been on a steady rise, while stores too have been showing good signs of recovery ever since they have reopened.
Here it is important to mention that the retailer’s outlook back in April – in a worst-case scenario – was a loss of 150 million pounds.
The clothing retailer, while raising its yearly earnings forecast, also said that the recent restrictions imposed by the UK Government following rise in COVID-19 cases have not impacted its sales.
With the 2020 Q3 sales rising by 2.8 per cent, the retailer hopes the full-year sales to fall by only 17 per cent compared to the earlier predicted 20 per cent decline.
While stating that everything has come out better than what the retailer had expected in April, Simon Wolfson, CEO, Next, said that though adult clothing sales slumped compared to what it was last year, it’s been balanced by higher-than-expected sales of kidswear.
With around 700 stores across the UK, Europe, Asia and the Middle East, Next generated revenue of US $ 4,167.4 million in 2019.
