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Next : Britain s Next expects profit bounce as economy recovers

Message : Required fields LONDON (Reuters) - British fashion retailer Next forecast a big rebound in current year profits as the economy recovers after they were halved in 2020-21 by the COVID-19 pandemic which shuttered the company s stores. Simon Wolfson, Next s chief executive, said his best guess was that the consumer economy, at least in the short term, would be healthier than many presume. It seems likely that a combination of pent-up demand along with a healthy overall increase in personal savings will serve to keep the consumer economy moving forward, he said. Wolfson expects an immediate pick-up in trade when, as per Prime Minister Boris Johnson s roadmap out of lockdown, non-essential shops reopen in England on April 12.

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Britain s Next expects profit bounce as economy recovers

3 Min Read LONDON (Reuters) -British fashion retailer Next forecast a big rebound in current year profits as the economy recovers after they were halved in 2020-21 by the COVID-19 pandemic which shuttered the company’s stores. FILE PHOTO: Shoppers walk past a Next store on Oxford Street in London, Britain December 17, 2018. REUTERS/Simon Dawson Simon Wolfson, Next’s chief executive, said his best guess was that the consumer economy, at least in the short term, would be healthier than many presume. “It seems likely that a combination of pent-up demand along with a healthy overall increase in personal savings will serve to keep the consumer economy moving forward,” he said.

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Next s profit halves after pandemic shuts stores

Next s profit halves after pandemic shuts stores Updated / Thursday, 1 Apr 2021 08:43 It comes as Covid-19 lockdowns closed its stores. British retail giant Next has reported a halving in annual pretax profit to £342 million pounds last year. With most of Next s stores closed for a significant portion of the year, group sales fell by 17% to £3.6 billion. Yet Next has shown resilience during the crisis, benefiting from its long-established online operation. Rivals with weaker or no online business, notably Primark, have seen far larger falls in sales. Others, such as Topshop-owner Arcadia, and Debenhams have collapsed. In the first eight weeks of the current financial year, Next said online sales had been stronger than expected and up more than 60% on two years ago.

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UPDATE 2-UK s Next joins list of clothing retailers pausing Myanmar orders

NEXT-RESULTS/MYANMAR (UPDATE 2):UPDATE 2-UK's Next joins list of clothing retailers pausing Myanmar orders

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Next Says Landlords Must Be Pragmatic To Keep Shops Open

Next Says Landlords Must Be Pragmatic To Keep Shops Open
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