Next is poised to achieve a historic £1 billion profit this year.
- The company’s full-year profit forecast increased by £15 million, reaching £995 million.
- First-half pre-tax profits rose by 7.1% to £453 million in the six months to July.
- Next’s total group sales surged 8% to £2.9 billion, with full-price sales rising 4.4%.
- International online sales grew by an impressive 22.8%, bolstering overall expansion.
Next is making significant strides towards a landmark £1 billion profit, adjusting its annual forecast upward once again amid robust financial performance. Demonstrating confidence, the high street retailer added £15 million to its profit forecast, now predicting £995 million—an 8.4% increase compared to last year.
The company’s financial results for the first half of the year reveal a 7.1% increase in pre-tax profits, totalling £453 million for the six months leading up to July. This upturn highlights the effectiveness of Next’s strategic initiatives and operational efficiencies.
Group sales demonstrated strong momentum, climbing by 8% to reach £2.9 billion. In this period, full-price sales experienced a notable rise of 4.4%, amounting to £2.36 billion. This achievement underscores the retailer’s strategic pricing and product positioning.
Despite challenging weather conditions impacting the UK retail sector, Next reported a slight 1.1% increase in sales within the region, reaching £1.9 billion for the first half of the year. This modest rise reflects tough comparisons with the previous year’s exceptionally warm second quarter.
A remarkable 22.8% surge in overseas online sales, reaching £433 million, emphasises Next’s successful international expansion. This growth points to the increasing global demand for Next’s offerings and the effectiveness of its digital-first approach.
Looking ahead, Next projects full-price sales to rise by 4% annually, with overall group sales expected to grow by 6.6%.
Next’s strategic advancements and robust financial performance propel it closer to a record-breaking profit milestone.
