Sep 17, 2020
Next Joins Zara and H&M in Recovery From Covid-19 Lockdowns
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For some bobsled hopefuls, the Olympics may be a click away 8 Amazing Side Effects Of Eating Avocados Every Day Next Joins Zara and H&M in Recovery From Covid-19 Lockdowns
(Bloomberg) -- Next Plc raised its outlook for a second time since coronavirus lockdowns shut its stores, joining apparel chains Zara and H&M in reporting better-than-expected recoveries.© Bloomberg Virus Retail Woes In University City of Oxford
The U.K. retailer now expects a pretax profit of 300 million pounds ($388 million) for the year. The midpoint of the company’s previous forecast was 195 million pounds.
Next has raised its outlook twice since the height of the pandemic. In April, the retailer’s worst-case scenario was a loss of 150 million pounds and its midpoint was for no earnings. In July, it upgraded the outlook after stores reopened.
The shares rose 1.7% early Thursday in London. They’ve fallen about 11% since the start of the year.
Sales through the pandemic have been more resilient than expected as the cooler weather in August prompted the purchase of heavier autumn clothing, Next said. A decline in overseas vacations as Britain imposed quarantines on travelers returning from many countries also boosted domestic clothing sales.
Next cautioned that robust sales in the 13 weeks since its stores reopened may not continue. It said the end of the government’s wage support program next month and a resurgent pandemic could hit demand again. It added that a new U.K. rule limiting social gatherings to six people could depress demand for gifts.
Although Next currently expects its full-price sales to be down 12% for the year, the drop could be as big as 34% in a “downside scenario if we experience more widespread lockdown measures and store closures,” the company said. Because of the uncertainty, the company said it won’t pay an interim dividend.
Next’s update comes after Spanish retailer Inditex SA, the owner of Zara, also buoyed the market, reporting another quarter of steady improvement. Sweden’s Hennes & Mauritz AB surprised with a stronger-than-expected return to profit.
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COVID-19 Reopening: SFMOMA Joins Other Indoor Museums With October Opening
SAN FRANCISCO (CBS SF) – The San Francisco Museum of Modern Art announced plans to reopen in early October for the first time since the beginning of the COVID-19 pandemic, joining other indoor museums in resuming operations.
Beginning October 4th, the museum opens to the general public, with two weeks of free admission.
Like most other attractions adapting to the pandemic, the museum has adopted a timed ticketing system and capacity will be limited to 25 percent. Other COVID-19 measures will be in place, including masks required for all visitors ages 3 and up.
Members can start reserving tickets on September 23rd, while the public can reserve tickets two days later.
SFMOMA follows other San Francisco museums announcing reopening dates this week, after the city announced indoor operations could resume as soon as September 21st. The DeYoung Museum in Golden Gate Park plans to reopen on September 22nd, while the Asian Art Museum is set to open on October 1st.
Meanwhile, the Legion of Honor said it is working to reopen in “mid-October” but a specific date has not been announced.