The major fashion retailer has recorded a 28 per cent slump in full price sales in the second quarter, as it continues to experience tough trading since lockdown was eased.
While Next has experienced some good news with a nine per cent in online sales year-on-year in the second quarter to July 25, while in-store sales plummeted by 72 per cent during the period.
Despite the sales drop, Next said it is in “a much better position than we anticipated three months ago: consumer demand has held up better than expected and our online warehouses have achieved much higher capacities than we thought possible”.
“Costs have been well controlled, and we have taken steps to ensure that our balance sheet is secure,” the retailer said. “Whilst much of our time has been focused on managing the business through the pandemic, we have not lost sight of the fact our sector was already experiencing far-reaching structural changes as consumers increase their expenditure online.
“If anything, these changes are likely to accelerate as a result of the crisis.”
