Next beats expectations as it posts record profits
Next has posted a strong uplift in full year sales and profit after the fashion and homeware retailer outperformed its initial expectations.
In the year to January 2024, group sales rose by 5.9% to £5.84 billion while Next Group pre-tax profit climbed by 5% to a record high of £918 million.
During the year, Next focused on improving its product ranges and online service levels while managing costs and profitability. In addition, it launched ranges for JoJo Maman Bébé, Joules and Made on its Total Platform, raised its equity stake in Reiss from 21% to 72%, and took a 97% equity stake in FatFace.
Commenting on the performance, Michael Roney, chairman of Next, said: “In the context of the wider economic environment, the year to January 2024 was a very good year for Next and the business materially outperformed our initial expectations.”
The company said it does not anticipate there being any material adverse impact from stock delays due to disruption to shipments in the Suez Canal.
Looking ahead, Roney said: “The continued success of Next is built on the hard work, dedication and decision making of all the people who work for Next. I would like to thank them all for their contribution during the year. I have little doubt and much expectation that they will rise to the new challenges and opportunities that are presented in 2024.”
