UK based clothing retailer Next posted 21.3% Y-o-Y sales growth in line with expectations in the first quarter of 2022/2023. The UK retail giant’s store sales witnessed an impressive 285% growth compared to 2021.
During, Next’s total product full-price sales reached 22% in this period, while its full-price sales, with interest income, were in line with the company’s expectations, growing 21.3% from last year.
Although Next’s online sales dropped by 24% Y-o-Y in the first quarter; however, the same went up by 23% on a three-year basis.
In a statement, Next said, “Last year, most of our Retail stores were shut for the majority of the first quarter, which is why Retail growth is so strong at +285%.”
“Conversely, last year online sales were boosted by Retail closures, which is why we planned online sales to be down in the first quarter against last year.
“Online sales against three years ago remained strong and were up +47% versus 2019/20.”
