Next cancels £1bn orders and scraps dividend

A “faster and steeper” collapse in retail sales has prompted Next to cancel or delay almost £1 billion worth of stock in addition to scrapping its dividend and share buyback scheme to save costs.

The bellwether retailer warned that it could lose £1.65 billion in sales, about 40 per cent of its usual business, in its revised “worst case scenario” which would drag it to a full-year loss of £150 million, compared to £600 million profit last year.

Read the full story on The Times.