The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Next Plc is learning to live with lockdowns.
Chief Executive Officer Simon Wolfson said the worsening pandemic and the UK’s new Covid-related restrictions won’t ruin the whole year as the clothing chain is better prepared now than during previous closures.
“This is traditionally the quietest time of year, so I don’t expect the impact to be as big as during the first lockdown,†Wolfson said in an interview. “We are also much better geared up to deal with a lockdown than we were the first time around.â€
Next shares rose as much as 8.8% in London after the linchpin of British shopping areas reported better-than-expected full-price sales for the holiday period, helped by its online strength. Those gains will be eroded by the new lockdown, the chain said, but it’s
looking ahead to a rebound after mass vaccinations kick in later this year.