Next resilience through pandemic prompts profits optimism

Next boss Lord Wolfson has upped profit guidance

Fashion giant Next has increased its full-year profit guidance as it navigates the disruption caused by the Covid pandemic.

Next reported a 97% plunge in pre-tax profits in its first half to just £9m, but has upped guidance for the full year from £195m expected in July to £300m. 

Full-price sales fell 33% in the six months to July. However, in the past seven weeks they have risen 4% and full-price sales for the rest of the year are expected to be down 12%.

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