Sales at fashion chain Next rise but online shopping dips

magenet

[ad_1]

High-street fashion chain Next said sales continued to grow although there had been a dip in online shopping as customers returned to shops.

Total full-price sales in the 13 weeks to the end of April were up 21.3 per cent on the same period a year ago, although online sales fell 11 per cent.

The reason for the fall in online sales was that last year, due to lockdown measures in place, physical shops were shut.

Conversely, shop sales jumped 285 per cent on the same period a year ago as a result, Next said.

However, when compared on a three-year basis – the last period before Covid hit – sales in shops remain down by 8 per cent.

Bosses said the high street bellwether remains in good shape for the rest of the year and did not downgrade forecasts as a result of further inflationary pressures.

Chief executive Simon Wolfson said in March that the company was expecting to increase prices by an average of 3.7 per cent over the half-year to July.

He said pricing was expected to rise by an average of 8 per cent in the following six-month period, with fashion set for a 6.5 per cent increase.

But on Thursday there were no further suggestions that prices would rise any higher.

The company previously said it would take an £85 million hit in sales by shutting its operations in Russia and Ukraine, knocking profits by £18 million for the year.

[ad_2]

Source link

Next Post

Why retail needs an urgent reckoning

[ad_1] Fast fashion is getting faster: Clothing production doubled between 2000 and 2014, and in that same period, the number of garments purchased per capita increased by about 60%. The dismal consequence is that fashion is consuming the Earth—literally. Of course, there’s one simple solution: people stop producing and buying […]
Why retail needs an urgent reckoning