UK’s Next Plc boosts full-year outlook as H1 sales & profit surge

Group profit before tax increased by 7.1 per cent to £452 million (~$601.16 million), compared to £422 million (~$561.26 million) in July 2023, with profit after tax rising by 5.2 per cent to £341 million (~$453.53 million). Earnings per share also saw growth, with post-tax EPS up 6.2 per cent to 282.8p.

Next Plc reported strong financial results for H1 2024, with group sales up 8 per cent to £2.95 billion (~$3.92 billion) and profit before tax rising 7.1 per cent to £452 million (~$601.16 million).
The online division grew 7 per cent, while retail fell 2.1 per cent.
Following a strong start in H2, the company raised its full-year outlook, projecting £995 million (~$1.32 billion) in profit.

The online division performed particularly well, achieving a 7 per cent increase in sales, while the retail division experienced a slight decline of 2.1 per cent. Next’s finance operations also contributed positively, with a 4.9 per cent rise in sales. Revenue from investments saw a remarkable 79 per cent growth, driven by acquisitions, including stakes in brands like Reiss and FatFace, the company said in its financial results.

Looking ahead, Next has raised its full-year guidance following a better-than-expected start to the second half of the year, where full price sales have surged by 6.9 per cent over the past six weeks. The company now anticipates full price sales to increase by 4.0 per cent for the year, with total group sales expected to rise by 6.6 per cent. Profit before tax for the full year is projected to reach £995 million (~$1.32 billion), up 8.4 per cent from last year, an increase of £15 million (~$19.95 million) from previous forecasts. Despite some cost pressures, the company remains optimistic about its continued growth, with its acquisitions and strong online performance playing key roles in driving results.

Fibre2Fashion News Desk (KD)