British retailer Subsequent raises revenue outlook once more, Retail Information, ET Retail

British retailer Next raises profit outlook againLONDON: British clothes retailer Subsequent on Wednesday raised its full-year revenue outlook for the fourth time in six months because it reported a 5.9% rise in first-half revenue on a two-year foundation, benefiting from robust buying and selling since COVID-19 restrictions ended.

Subsequent, which trades from about 500 shops in addition to on-line, made a pretax revenue of 347 million kilos ($474 million) within the six months to July, on full-price gross sales up 8.8% versus 2019 – earlier than the COVID-19 pandemic began to disrupt buying and selling.

The group mentioned full-price gross sales within the final eight weeks elevated 20% versus 2019, materially exceeding its expectations.

It raised its full-price gross sales steering for the remainder of the 2021-22 12 months to up 10%, versus up 6% beforehand, and its forecast for pretax revenue to 800 million kilos, 36 million kilos forward of its earlier steering.

Subsequent has proven nice resilience throughout the pandemic, benefiting from its long-established and nicely invested on-line operations.

Rivals with weaker or no on-line enterprise, notably Primark, noticed massive falls in gross sales. Others, akin to Topshop-owner Arcadia, and Debenhams have gone bust.

Shares in Subsequent, up 37% during the last 12 months, closed Tuesday at 8,080 pence, valuing the enterprise at 10.9 billion kilos.

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