Next sales rise as shoppers return but online sales take a hit
Store sales in the past three months jumped 21.3% compared with a year ago when shops were shut during Covid lockdowns.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.High street fashion chain Next said sales continue to grow although there has been a dip in online shopping as customers returned to stores.
Total full price sales in the 13 weeks to the end of April were up 21.3% on the same period a year ago, although online sales fell by 11%.
The reason for the fall in online sales was that last year, due to lockdown measures in place, physical stores were shut.
Conversely, store sales jumped 285% on the same period a year ago as a result, Next said.
However, when compared on a three-year basis – the last period before Covid hit – sales in stores remain down by 8%.
Bosses said the high street bellwether remains in good shape for the rest of the year and did not downgrade forecasts as a result of further inflationary pressures.
Chief executive Lord Simon Wolfson said in March that the company is expecting to increase prices by an average of 3.7% over the half-year to July.
He said pricing is expected to rise by an average of 8% in the following six-month period, with fashion set for a 6.5% increase.
But on Thursday there were no further suggestions that prices would rise any higher.
The company previously said it would take an £85 million hit in sales by shutting its operations in Russia and Ukraine, knocking profits by £18 million for the year.