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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