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British clothing retailer Next's sales jump 17% during Aug-Oct quarter
09 Nov 21 2 min read
Next plc, a British multinational clothing, footwear and home products retailer, has reported a 17.0 per cent full prices sales growth in the third quarter (Q3) of FY22 ended on October 30, 2021, over the same period of fiscal 2020. The company’s full price sales in the last five weeks, since the update given on its half year results issued in September, surged 14 per cent, better than the forecast of 10 per cent.
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The UK-based retailer’s full price online sales during the three-month period expanded 40 per cent, with Next UK and Label UK up 21 per cent and 86 per cent, respectively. However, full price retail sales dropped 6.1 per cent compared to the Q3 of 2020.
Furthermore, Next said that the growth during the upcoming quarter will be lower than the Q3 and also maintained its full price sales guidance to grow 10 per cent and full year profit before tax to reach £800 million, up 6.9 per cent over Q4 FY20.
The effects of pent-up demand is likely to diminish in the next quarter, according to the company. Moreover, the stock availability has improved but remains challenging, with delays in the retailer’s international supply chain being compounded by labour shortages in the UK transport and warehousing networks.
Fibre2Fashion News Desk (JL)
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