Next’s profits slump as pandemic hits results

Click to read the article in full.  

Next made a pre-tax profit of just £9m during the first half of its finance year as its sales slumped by more than a quarter because of the Covid-19 pandemic. However, the retail giant said it is optimistic for the future after the company revealed that all of its guidance scenarios see it generating a profit, cash and reducing its debts.

The Leicester-headquartered business has reported total group sales for the six months to the end of July 2020 of £1.356bn, down 34 per cent from £2.058bn.

Online sales fell 14 per cent from £1.004bn to £862.6m while retail slumped 61 per cent from £874.3m to £344.6m. Finance dipped 5 per cent from £134m to £127.9m.

 link source - Insider Media

Continue reading this article at the original source Here