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Next profits collapse amid 'expensive' pandemic

By BFN News | 07:26 AM | Thursday 17 September, 2020


Clothing retailer Next's sales were down 33% on last year during the first half of 2020 during the "expensive and miserable" pandemic, according to its half-year results. The company still made a profit before tax of £9m, down 97% on the first half of last year. However, the company expects improved profits for the full year of £300m compared to an update in July, which forecast £195m. Online sales were "significantly stronger" since stores reopened, it said, having accounted for more than half of turnover pre-pandemic. Full price sales are still expected to be down for the full year by 12%, but the company plans to reduce its debt by £462m, to £650m. Story provided by StockMarketWire.com

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