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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.

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