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Investegate |Next PLC Announcements | Next PLC: Director/PDMR Shareholding

Investegate |Next PLC Announcements | Next PLC: Director/PDMR Shareholding
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Next lifts profit guidance as online sales soar

By Karen Peattie FASHION and homewares chain Next lifted its full-year profit expectations as online sales rebounded in the past eight weeks but pre-tax profit for the year to January 2021 slumped by more than half to £342 million from £749m a year ago. Total group sales dropped 17 per cent to £3.6 billion. Next, which operates nearly 500 stores, predicted the shift to online sales during the coronavirus pandemic will continue and said it accelerated part of its planned capital expenditure in the online business, spending £121m on warehousing and systems. Shares in the retailer jumped on the back of news that online sales from the beginning of February were “stronger than expected” and up more than 60% on two years ago.

Next raises profit guidance after year of strong online sales

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: “Next is often an unsung hero among investors, but these results again show the resilience and the openness in the way the company operates.”

Next sees full price sales decline 15%; raises profit guidance to £700m after stronger-than-expected online sales | 1 April 2021

Share price 1 April 2021 | 07:28am StockMarketWire.com - Clothing retailer Next has posted a 15% fall in full price sales and pre-tax profit in line with guidance as most of its stores remained closed for a significant portion of 2020/21 and forecast that the shift in consumer behaviour towards online sales is set to continue. The retailer reported total group sales decreased by 15% to £3.6 billion in the year ending January 2021, and pre-tax profit of £342 million, down from £729 million in 2019/20, in line with the central guidance issued in its January 2021 trading statement. It reduced net debt during the year to £610 million, from £1.1 billion the previous year.

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