Executive Summary

• Next reported strong 2Q20 full-price product sales growth of 3.7%, compared to 4% growth in the previous quarter and beating the consensus estimate of 0.1% growth recorded by StreetAccount.
• The retail segment continued to underperform with a 4.2% decline while the online segment posted strong full-price sales growth of 12%.
• The company lifted FY20 guidance, with retail sales expected to decline 5.1% year over year at mid-point, compared to previous guidance of an 8.5% decline, and online sales to grow 11.8% at mid-point compared to the previous guidance of 11% growth.