Home Business News Next ups their full year earnings outlook

Next ups their full year earnings outlook

by LLB staff reporter
17th Sep 20 11:32 am

Next has upped their full year earning outlook for the second time after strong trading in the first half of the year.

In the six months to the end of July, the fashion retailer reported pre-tax losses of £16.5m compared with £327.4m in 2019.

Profits crashed by 97% to £9m on an underlying basis, whilst full price sales fell by 33%, and in the seven weeks since the first half, sales rose by 4%.

The retailer now expects full-year underlying pre-tax profits of £300m, which is down from £729m in 2019, however this is up from the £195m that was predicted.

“Full-price sales at the beginning of the second half have continued to exceed our expectations and we have revised our central scenario for full-year profit,” Next said.

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