Next reported higher profit targets today after post-lockdown trading improved.
Full-price sales were 1.5 per cent lower in the 13 weeks to the start of May when compared with the same period in 2019, a much slower decline than the 10 per cent the company had predicted.
Almost all Next stores were closed for the first ten weeks of the quarter with the majority reopening on April 12.
“The strong sales growth we have experienced in the last three weeks is due to pent-up demand built up over the past three months and is very unlikely to be indicative of demand for the rest of the year,” Next cautioned.
“Evidence from last year suggests that this post lockdown surge will be short lived, and we expect sales to settle back down to our guidance levels within the next few weeks.”
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