Next targeting earnings rebound from Irish and UK retail lockdowns

Chief executive of the clothing retailer expects a 'combination of pent-up demand along with a healthy overall increase in personal savings will serve to keep the consumer economy moving forward'

Fashion retailer Next is confident of a return to growth this year after shop closures due to Covid restrictions in Ireland and the UK halved profits in 2020.

Shares in high-street clothing retailer Next jumped by more than 3% after it expressed confidence in generating a significant rebound in earnings and sales this year following a battering from having its shops in the UK and Ireland closed for large periods during Covid restrictions last year.

The retailer – which has 40 shops on the island of Ireland, evenly split between the Republic and the North – remained profitable last year, but Covid restrictions across its main markets saw those profits fall 53% to £342m (€401m).