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UPDATE 1-UK retailer Next's Q2 sales decline by better-than-expected 28%

Wed, 29th Jul 2020 07:28

(Adds details)

LONDON, July 29 (Reuters) - Next said its full-price
sales in the second quarter declined by a 28%, a much better
result than it expected at the height of the COVID-19 pandemic,
allowing it to forecast full-year profit of about 195 million
pounds ($252 million).

"Warehouse capacity has come back faster than we had
planned, and store sales have been more robust than
anticipated," the British fashion retailer said on Wednesday.

Online bounced as warehouse picking and dispatch capacity
returned to normal levels, with sales up 9% on the same period a
year ago, it said, while like-for-like sales in its stores, the
bulk of which re-opening in June, were down 72% for the quarter
to July 25, and down 32% since June 15.

Childrenswear, home, nightwear and sportswear, along with
some adult casual clothing, had done much better than the more
formal parts of its adult clothing ranges associated with work,
going out, overseas holidays and large social events, it said.
($1 = 0.7739 pounds)
(Reporting by Paul Sandle; editing by Guy Faulconbridge)

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