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Fashion retailer Next has revealed its sales in the nine weeks to 26 December were down 1.1% on last year, a figure which is “much better” than what the store predicted in October.
In a post-Christmas trading statement the brand said the “benefit of better sales” in November and December and anticipated losses from store closures in January, would have boosted profit before tax to £370m.
However due to a non-recurring profit and property provision the brand has been forced to forecast that figure to be £342m.
Next, which has been one of the many non-essential retailers to close during the on going Covid-19 pandemic added that sales made in its online business compensated for almost all those lost in retail stores, with total product full price sales down just -0.5%.
It follows figures in October which saw the brand witness a 17.9% decline in Q3 and markdown sales which were 12.3% lower than the previous year.
The company has now said that as part of its central guidance it predicts profit before tax for 2021 to be £670m.
