The retailer Next has issued a lengthy trading update warning that the fall in sales as a result of the coronavirus has been faster than it had anticipated in March.
“Shop closures mean Next’s inventory levels have reached the point that it’s had to draft in the use of additional storage facilities. This is a tricky spot to be in, because no retailer wants a huge pile of clearance items at the best of times. With trading expected to be subdued for a while even after lockdowns are lifted, shifting all the extra summer t-shirts is going to be a more difficult task than usual. – Sophie Lund-Yates, equities analyst at Hargreaves Lansdown.
