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Next posts better than expected second quarter sales

Next’s full price sales came in 4.7% stronger than expected in its second quarter as more people returned to buying formalwear for summer events. The fashion… View Article

FASHION

Next posts better than expected second quarter sales

Next’s full price sales came in 4.7% stronger than expected in its second quarter as more people returned to buying formalwear for summer events.

The fashion and homeware retailer’s total full price sales increased by 5% in the three months to 30 July.

Next said the performance was due in part to unusually warm and dry weather and a marked return to formal dressing driven by pent up demand for social events.

It also revealed that many product trends returned to pre-pandemic norms and that online returns rates and surplus stock reverted to pre-lockdown levels.

Meanwhile sales at Next’s retail stores rose by 12% in the period, although growth online was only 0.2%.

Next said: “At first sight, our full price sales performance against last year suggests that growth online has ground to a halt and that retail is having something of a renaissance.  This is certainly the case on a one year basis.  But we think that these changes reflect a short term reversal of pandemic trends, and are unlikely to be indicative of longer term trends in consumer behaviour.”

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