Fashion giant Next has reported a strong period of full-price sales growth as stores traded in line with expectations and its online channels far exceeded them.
In a trading statement for the 13 weeks to April 30, Next reported that full-price sales were up 21.3% – with in-store sales up 285% compared with the previous year when lockdowns remained in force. Online sales were up 47% on two-year comparisons.
Next UK’s online channel was down 24% for the period, but digital third-party label sales were up 20% and 106% on pre-Covid times.
Total online sales for the period were down 11% and international ecommerce sales were down 12%. Total product full-price sales were up 22% for the period, while finance-interest income was up 11%.
After the period, Next said it was maintaining its full-year profit before tax expectations of £850m – a 3.3% increase on last year.
In terms of the rest of the year, Next expects trading to become tougher. In order to still achieve its profit expectations, the retailer will need to report a sales increase of just 0.8% compared with last year between the second and fourth quarters.
Next will report its half-year results later in the summer.
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