Next gross sales stoop after shops shuttered in coronavirus lockdown

FILE PHOTO: A Next store is pictured on Oxford Street as the spread of coronavirus disease (COVID-19) continues in London, Britain, April 15, 2020. REUTERS/John Sibley

LONDON (Reuters) – British clothing retailer Next (NXT.L) said on Wednesday total product sales in its latest quarter crashed 41%, reflecting the closure of all its stores in the coronavirus lockdown and the temporary shutdown of its online operations.

Next said store sales plunged 52% in the 13 weeks to April 25, its fiscal first quarter, while online sales were down 32%.

The group said the fall off in sales to date was faster and steeper than anticipated in its March stress test and it was now modelling lower sales for both the first and second half of the year.

Reporting by James Davey; editing by Sarah Young

Source: Reuters