Next warns sales fall during coronavirus ‘faster and steeper’ than anticipated

Next Westgate

Next has issued a lengthy trading update warning that the fall in sales as a result of the coronavirus has been “faster and steeper” than it anticipated in March.

In a note to the City today, the fashion giant said the effects of the coronavirus had been worse than anticipated on its revenues, and the brand was now anticipating lower sales for both the first and second halves of the year.

For the year to April 25, full-price retail sales have fallen 52% and online sales 32%, while total full-price sales including interest income have fallen 38%.

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