Excessive avenue trend chain Subsequent has revealed that earnings for the final yr had been slashed by greater than half after its shops had been shut for big durations.
The Leicester-based firm informed the inventory alternate at the moment that pre-tax earnings slid from £728 million to £342 million for the yr ending in January 2021.
It stated this hunch was pushed by covid-19 prices and decrease gross sales attributable to lockdown restrictions, with group gross sales dropping from £4.36 billion to £3.62 billion for the yr.
Web debt has diminished to £610 million, down from £1.1 billion the earlier yr.
The corporate additionally stated it had “accelerated” capital expenditure into its on-line operations by spending £121 million on warehousing and programs.
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