SALES UP BUT 2022 SET TO BE TOUGH
FASHION giant Next upped its profit target for the fifth time in 10 months after bumper Christmas trading.
The retailer enjoyed a pick-up in demand for going out gear, despite the emergence of the Omicron Covid strain denting festive get-togethers.
Next raked in £70million more than expected in the eight weeks to Christmas, with full-price sales up 20 per cent on two years ago before the Covid crisis hit. It prompted the firm to increase its full year profit guidance by £22million to £822million.
As the first major retailer to update on Christmas trading, it sparked speculation others would report strong festive sales. Online sales in the
THE boss of pasty chain Greggs is retiring after nine years.
Roger Whiteside will step down in May but remain as an adviser until January next year.
He will be replaced by current retail director Roisin Currie.
It came as Greggs revealed sales soared 51% to £1.23billion last year, thanks in part to a wave of new stores.
Prices rose 5p to 10p “across the range” to cover the higher cost of ingredients and wages.
Tom launches new knitwear three months to Christmas soared 45 per cent but takings in its UK and Ireland stores fell 5.4 per cent.
The retailer also cautioned that pressures on people’s finances from higher food prices, energy costs, mortgage rates and taxes, meant 2022 could be tougher.
It forecasted prices would rise 3.7 per cent in the first half of 2022 and six per cent in the second due to higher freight rates and manufacturing costs. Next also declared a dividend of 160p per share, worth £205million.
Richard Lim of Retail Economics said: “These are impressive results and demonstrate the growing strength of the brand and its agility to operate through the ongoing challenges
posed by the pandemic.”