Executive Summary

• Next reported strong 1Q20 full-price product sales growth of 4.0%, with inferred comparable product sales growth of 3.7%.
• In-store sales growth came in ahead of expectations, with e-commerce growth marginally behind consensus.
• Management said its 1Q20 overperformance cannot be extrapolated through to the rest of the year, as comparatives will become more demanding in the second quarter.