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Next’s full year profits decline after fall in store sales

Fashion and homewares retailer Next has reported that its full year pre-tax profit fell by 0.4% to £722.9 million in the year to January. Total sales… View Article

GENERAL MERCHANDISE

Next’s full year profits decline after fall in store sales

Fashion and homewares retailer Next has reported that its full year pre-tax profit fell by 0.4% to £722.9 million in the year to January.

Total sales were up 2.5% to £4.2 billion, with store sales declining by 7.9% and online sales rising by 14.7% in the period. Online full price sales increased by 14.8%, while store full price sales were 7.3% down.

Next described the year as challenging as it continued to see a structural change in its business, with sales continuing to transfer from in-store to online.  The company said that 53% of its sales are now online.

Looking ahead, Next chairman Michael Roney said: “Our core strategy remains unchanged; focus on our customers, products and profitability, continuing to build on the capabilities of our brand and online platform and returning surplus cash to our shareholders.”

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