Coronavirus: Next reports 97% profit slump but sees sales recovery | Business News

Next has reported a 97% slump in half-year profits – but upgraded its full-year outlook as sales recovered in recent weeks.

The fashion retailer saw full-price sales crushed by the pandemic, tumbling by 33% in the six months to 25 July, but said that in the last seven weeks they rose 4%, helped by cooler weather and consumers not going abroad on holiday.

Pre-tax profits collapsed to £9m, down from £320m a year ago – but the group is now forecasting annual earnings of £300m, up from £195m previously pencilled in.

Lord Wolfson, Next’s chief executive, said: “The company’s sales performance through the pandemic has been more resilient than we expected.”

Sky News