Half Year 2021 Next PLC Earnings Call Transcript
Good morning, everybody. Before I get into the meat of the presentation, 2 things to remind you of. The first is that these accounts are 100% IFRS 16 compliant as are all the comparisons for the last 1 and 2 years. The second is: throughout this presentation, unless we say otherwise, every number is given on a 2-year comparison. Now I should start this presentation by saying that the numbers are an awful lot better than we were expecting -- they were in the first half, and they have continued that way into August and September.
And although the numbers are good, one thing I'd like to stress is that they are probably not quite as good as they look and that there are a number of factors that we feel are artificially boosting sales at the moment that could mislead you as to how strong the rest of the year will be. And that basically comes down to pent-up demand for clothing, and we're seeing that very strong items like suits and women's formal wear.
Secondly, is the amount of savings that consumers have saved over lockdown, which
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