In a significant move, Next has again raised its profit forecast, aiming for the £1bn mark.
- The company’s annual profit forecast has been enhanced by £15m, reaching £995m, marking an 8.4% increase on last year.
- Next’s first-half pre-tax profit saw a rise of 7.1%, amounting to £453m for the six months ending in July.
- The group’s total sales, including those from its subsidiaries, climbed 8% to £2.9bn.
- Overseas sales proved a standout, with a 22.8% increase in the online division, supporting international growth.
Next is making strides towards achieving a £1bn profit milestone, having adjusted its annual profit guidance upward by £15m. With this adjustment, the forecast stands at £995m, reflecting an 8.4% improvement on the prior year’s figures.
In the first half of the year, the company reported a 7.1% increase in pre-tax profits, which totalled £453m for the period up to July. This performance underscores Next’s robust financial health and successful strategies.
The company’s overall group sales rose impressively by 8%, culminating in £2.9bn in revenue. This figure includes significant contributions from its subsidiaries, such as FatFace and Reiss, highlighting the group’s expansive business activities.
Among the key drivers was the international online segment, which delivered an exceptional 22.8% increase in sales, amounting to £433m. This growth is a testament to Next’s ongoing efforts in expanding its international presence.
UK retail sales experienced a modest increase of 1.1% to £1.9bn. While this segment was hindered by tough comparisons with the previous year’s notably warm second quarter, full-price sales in the early weeks of the second half exceeded expectations with a 6.9% rise.
Overall, Next’s strategic initiatives and strong sales performance signal a promising trajectory towards achieving their profit goals.
