Search

“People do not buy an outfit to stay at home’: Next boss on 30% sales fall

PUBLISHED: 09:06 19 March 2020 | UPDATED: 09:07 19 March 2020

Next has seen a sales slump because of coronavirus. Pic: Archant library

Next has seen a sales slump because of coronavirus. Pic: Archant library

Retail chain Next, with stores across Norfolk, is preparing for a “significant” trading downturn amid the coronavirus outbreak.

The group, which has stores in Yarmouth, King’s Lynn and three in Norwich, said stress tests showed the business could “comfortably sustain” more than £1 billion loss of sales over the full-year. This included sales declines of up to 100% in some weeks during the peak of the outbreak.

MORE: Hair salons vow to stay open during coronavirus outbreak

You may also want to watch:

Online sales are likely to fare better than stores due to social distancing measures, but Next CEO Lord Simon Wolfson said: “When the pandemic first appeared in China, we assumed that the threat was to our supply chain. It is now very clear that the risk to demand is by far the greatest challenge we face and we need to prepare for a significant downturn in sales for the duration of the pandemic.”

He added: “Online sales are likely to fare better than retail but will also suffer significant losses.

“People do not buy a new outfit to stay at home.”

For updates on coronavirus in Norfolk see the Facebook page here

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad. Coronavirus is one of the greatest challenges our community has ever faced, but if we all play our part we will defeat it. We're here to serve as your advocate and trusted source of local information.

In these testing times, your support is more important than ever. Thank you.



Most Read

Most Read

Latest from the Eastern Daily Press