Despite the troubles plaguing the fashion sector during the coronavirus pandemic, Next boss Lord Wolfson remains surprisingly upbeat about the future of the business. Retail Week finds out why.
Next made a small £9m profit in its first half but has raised its full-year guidance from the £195m it expected in July to £300m.
Wolfson has forecast three potential scenarios for its second half. Even in the worst case scenario, which includes a second nationwide lockdown, sales would fall 34% between now and the end of its financial year, but pre-tax profit would come in at £110m.
“The first half has been much better than we could have hoped in March,” he explains. “The company has made a small profit but the fact that we’ve made a profit in the first half isn’t really important.
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