THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
Future of Retail Marketing 2020
Omnichannel Transformations 2020
The HR Summit 2020
The Future Of AI in Retail Conference 2020
Omnichannel Futures Conference 2021
The Omnichannel Journey
Optimizing Workforce Management
ABOUT
CONTACT
SUBSCRIBE FOR FREE
Next upbeat on outlook despite fall in profit

Next has reported that pre-tax profit fell by 9.5% to £309.4 million in its first half. In the six months to July, total sales reduced by… View Article

FASHION

Next upbeat on outlook despite fall in profit

Next has reported that pre-tax profit fell by 9.5% to £309.4 million in its first half.

In the six months to July, total sales reduced by 2.2% to £1.9 billion as store sales fell by 8.3%. In contrast, Next Directory online sales climbed by 5.7%

The retailer said the combination of falling sales, a large fixed cost base, some one-off increases in costs and higher markdown costs ahd all served to reduce profit.

Despite a difficult first half, Next said its performance in the last three months had been encouraging and whilst the retail environment remains tough, its prospects going forward look less challenging than they did six months ago.

As a result, Next has upgraded its sales and profit guidance for the full year. It now expects pre-tax profit to be in the range of £687 to £747 million compared to its previous estimate of £680 to £740 million.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News