Page 42 - Simon Wolfson News Today

Next raises profit guidance after year of strong online sales Next has managed to weather the pandemic storm after expanding its online presence with sales now accounting for nearly half of turnover.  The retailer said online sales had been stronger than expected in the first eight weeks of the year and are up 60 per cent on two years ago. As a result Next is raising its central profit guidance by £30m to £700m.  Richard Hunter, Head of Markets at Interactive Investor said:...

The UK government on Thursday announced sanctions against a Burmese business conglomerate linked to the military regime.

British fashion retailer Next has ceased placing new production orders in Myanmar in the wake of February's military coup, its boss said on Thursday.

Message : Required fields LONDON (Reuters) - British fashion retailer Next forecast a big rebound in current year profits as the economy recovers after they were halved in 2020-21 by the COVID-19 pandemic which shuttered the companys stores. Simon Wolfson, Nexts chief executive, said his best guess was that the consumer economy, at least in the short term, would be healthier than many presume. "It seems likely that a combination of pent-up demand along with a healthy overall increase in per...

3 Min Read LONDON (Reuters) -British fashion retailer Next forecast a big rebound in current year profits as the economy recovers after they were halved in 2020-21 by the COVID-19 pandemic which shuttered the company’s stores. FILE PHOTO: Shoppers walk past a Next store on Oxford Street in London, Britain December 17, 2018. REUTERS/Simon Dawson Simon Wolfson, Next’s chief executive, said his best guess was that the consumer economy, at least in the short term, would be healthier than many p...

Nexts profit halves after pandemic shuts stores Updated / Thursday, 1 Apr 2021 08:43 It comes as Covid-19 lockdowns closed its stores. British retail giant Next has reported a halving in annual pretax profit to £342 million pounds last year. With most of Nexts stores closed for a significant portion of the year, group sales fell by 17% to £3.6 billion. Yet Next has shown resilience during the crisis, benefiting from its long-established online operation. Rivals with weaker or no online busin...

NEXT-RESULTS/MYANMAR (UPDATE 2):UPDATE 2-UK's Next joins list of clothing retailers pausing Myanmar orders

By Reuters Staff 2 Min Read LONDON (Reuters) -Britain’s Next on Thursday joined a growing list of European clothing retailers suspending new production orders with factories in Myanmar in the wake of February’s military coup. FILE PHOTO: A Next store is pictured on Oxford Street as the spread of coronavirus disease (COVID-19) continues in London, Britain, April 15, 2020. REUTERS/John Sibley Myanmar has been rocked by protests since the army overthrew the elected government of Nobel laureate...

  British fashion retailer Next said it will retain stores as long as landlords continue to be pragmatic on the rents they charge. The fashion chain said profits for the last year were slashed by more than half after its stores were shut for large parts of it. However, the group also raised its profit forecast for the current year, as it hailed soaring online sales in the past eight weeks. “As they have been so far, if landlords continue to be as pragmatic in determining rents going forw...

The last time Marks & Spencer proposed knocking down its flagship store at Marble Arch on London’s Oxford Street in 2004 was the beginning of the end for the management team of Roger Holmes and Luc Vandevelde. As the shares sank, the M&S old guard took to the barricades. Philip Green launched his bid and Stuart Rose and City veteran Paul Myners were drafted in to see off the Arcadia and BHS tycoon. Rose, an M&S veteran, ditched the Holmes plan and went on to restore the firm’s reputation by...