Next post strong Q2

Next

Next has attributed its strong second-quarter growth to pent up demand for adult clothing together with the hot weather across the end of May and beginning of June which drove consumers to splurge on summer clothes. The retailer also noted that consumers were dipping into the cash they had saved during lockdown and with many planning to holiday in the UK, there was more money around to spend on clothing. Full price sales in the 11 weeks to 17 July were up 18.6 per cent on the comparable pre-pandemic period two years ago, reflecting strong online demand along with ongoing recovery of store sales since re-opening was permitted in April.

The performance of overseas online was up by 61 per cent with UK LABEL third party brands (including Lipsy sold in stores) up by 64 per cent.

The business has said that it will be repaying £29 million of business rates relief to the government.

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