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Next reports solid fiscal 2024

Apr 2, 2024 United Kingdom
Next reports solid fiscal 2024
The UK-based fashion retailer reported a total sales growth of 5.9% year-on-year in its last fiscal year and a pre-tax profit that beat the expectations announced in January
“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”, stated Michael Roney, Chairman of the company. “In the last year, we have focused on improving our product ranges, improving our online service levels, managing costs and profitability, whilst also laying the foundations for future growth businesses”, he added.

Fiscal 2024 Results

In the fiscal year that ended in January 2024, the group’s total sales amounted to 5.84 billion British pounds (6.82 billion euros), representing a full-price sales growth of 4.0% and a total sales increase of 5.9% (including subsidiaries), as compared to the previous fiscal year.

By segment, retail sales remained flat at 1.87 billion British pounds (2.18 billion euros), online sales increased by 5% year-on-year to 3.16 billion British pounds (3.69 billion euros) and financial sales increased by 7% year-on-year to 293 million British pounds (342.0 million euros). In addition, investment revenue contributed 383 million British pounds (447.1 million euros) to the group’s total sales.

In these twelve months, Next’s profit before tax totalled 918 million British pounds (1.07 billion euros), increasing by 5% on a comparable basis to fiscal 2023, “3 million British pounds (3.5 million euros) ahead of the guidance” given in January, “largely due to better-than-expected clearance rates of Sale stock in January”, highlighted the company.

However, the retailer also reported a decline of 2% in the profit after tax in the last fiscal year to 702 million British pounds (819.4 million euros) from 716 million British pounds (835.8 million euros) in the prior fiscal year.

Fiscal 2025 Outlook

For fiscal 2025, Next expects a full-price sales increase of 2.5% and a total sales growth of 6.0% (including subsidiaries) over fiscal 2024. It also forecasts a full year profit before tax of 960 million British pounds (1.12 billion euros).

 
Image Credits: elecosoft.com

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