Next Q1 sales surge 22% despite online hit
The company is maintaining its guidance for pre-tax profits for the full year to hit £850m, which would be up 3.3% year-on-year.
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Next plc has reported that its full price sales surged 22% year-on-year for the 13 weeks to 30 April (Q1), and 21% compared to pre-Covid levels, which is in line with expectations.
However, total online sales in the UK fell 11% compared to the same period last year, although this is up 47% on a three-year basis.
Overall, online sales for Next UK dropped 24% year-on-year but increased 23% compared to pre-Covid levels. Meanwhile, online sales for Label UK hailed growth of 20% and 106% respectively.
Additionally, online overseas sales also marked a 47% growth on a three-year basis but this fell 12% compared to last year.
Next hailed retail growth of 285% which the company said is “so strong” because most of its retail stores were shut for the majority of the first quarter last year.
Conversely, online sales were reportedly boosted by retail closures last year, which is why Next said it planned for online sales to be down in the first quarter against last year.
Next is maintaining its guidance for pre-tax profits for the full year to hit £850m, which would be up 3.3% year-on-year.
