Next has once again raised its yearly profit forecast, moving closer to achieving a £1bn profit.
- A £15m addition to the annual forecast raises it to £995m, an 8.4% increase from last year.
- First-half pre-tax profits showed a 7.1% increase, reaching £453m by July.
- Total group sales jumped 8% to £2.9bn, with full-price sales also seeing growth.
- The overseas online segment was particularly strong, increasing by 22.8% to £433m.
Next has revised its annual profit expectations upward for the second time in two months, indicating a strong financial outlook. The high street retailer adjusted its forecast by adding £15 million, bringing it to £995 million, which reflects an 8.4% increase compared to the previous year’s profit figures.
First-half results indicate robust financial health, as pre-tax profits rose by 7.1%, reaching £453 million. This achievement underscores Next’s successful strategies and operational efficiency within the initial half of the year, ending in July.
The group’s sales exhibited a significant increase of 8%, reaching a total of £2.9 billion. Within these figures, full-price sales contributed substantially, rising by 4.4% to £2.36 billion, highlighting consumer demand and effective pricing strategies.
Next reported a notable performance in its overseas online division, which expanded by 22.8% to £433 million. This growth indicates the success of Next’s international market penetration and enhances its digital retail capabilities across borders.
Despite challenges in UK retail sales, which grew marginally by 1.1% to £1.9 billion, the company attributes this to difficult comparisons with the previous year’s unusually warm second quarter. Moving forward, Next anticipates a 4% rise in full-price sales and a 6.6% increase in total group sales for the year.
Next’s consistent upward revision of its profit forecast underscores its strong market position and strategic growth.
