ashion large Subsequent has lifted its revenue targets for the 12 months after latest gross sales bounced above expectations.
The excessive avenue agency mentioned it reported £75 million extra in gross sales than predicted for the 13 weeks to Might 1.
It mentioned gross sales for the interval have been only one.5% under the identical three months in 2019, earlier than the pandemic hit the UK. Subsequent had initially anticipated a ten% fall.
The gross sales enchancment has led the corporate to boost its revenue targets by £20 million to £720 million for the present monetary 12 months.
Subsequent revealed that retailer gross sales surged after it reopened outlets throughout the UK from April 12 in the latest easing of lockdown restrictions.
It mentioned complete full value gross sales have risen by 19% over the previous three weeks in consequence.
Gross sales from retail shops elevated by 2% towards pre-pandemic ranges, however development was nonetheless considerably pushed by its on-line enterprise, which reported a 52% carry.
Nonetheless, the agency advised shareholders on Thursday that it expects the surge in gross sales to ease again.
“Proof from final 12 months means that this put up lockdown surge will likely be brief lived, and we anticipate gross sales to settle again all the way down to our steerage ranges throughout the subsequent few weeks,” the corporate mentioned in a press release.
It’s nonetheless anticipating complete gross sales to rise by 3% over the 12 months, with retail retailer gross sales falling by a fifth because of the affect of virus curbs.
Subsequent careworn that its sturdy latest gross sales have been pushed by on-line channels, which noticed 65% development over the previous three weeks.
It mentioned it was “not the case” that the majority misplaced retailer gross sales have been transferred on-line, with the corporate buoyed by on-line gross sales of Subsequent homeware, third-party manufacturers and childrenswear.