British retailer Next says quarterly sales plunge 41%, Retail News, ET Retail

Davida Erdahl

LONDON : British clothing retailer Up coming said on Wednesday full solution gross sales in its most recent quarter crashed 41%, reflecting the closure of all its outlets in the coronavirus lockdown and the short-term shutdown of its on the internet functions.

Up coming said keep gross sales plunged 52% in the thirteen weeks to April 25, its fiscal initial quarter, though on the internet gross sales were being down 32%.

The company said the fall off in gross sales to date experienced been speedier and steeper than expected in its March tension check so it has increased its hard cash resources as a result of asset gross sales, and by suspending share buybacks and dividend payments.

It has also taken additional ways to secure its personal debt funds by agreeing with its banking companies to waive fiscal covenants in its Revolving Credit score Facility (RCF) for the coming 12

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