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Next warns sales will fall 'faster and steeper' than expected during crisis

Retailer cancels dividend and share buyback scheme ahead of projected 40% slump this year

Next is cancelling its dividend and share buyback programme to save £480m as it warned sales would fall “faster and steeper” than previously feared during the coronavirus crisis.

The fashion and homewares retailer warned it could slump to a loss of £150m – from a profit of almost £600m last year – as full price sales collapse by up to 40%. The prediction is a significant worsening from the 25% drop predicted by the group just last month.

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