Next full year results to Jan 2024 saw sales and profits up on 2022. Total group sales were up 5.9% to £5.842bn with group profit before tax up 5% to £918m, some £3m ahead of the guidance of £915m given in January, largely due to better than expected clearance rates of Sale stock in January.
However, the profit after tax experienced a slight decline of 2%, settling at £702m in comparison to £716n the prior year. Nonetheless, the earnings per share post-tax inched up by 0.3%.
Online sales climbed by 5%, from £3.007bn in January 2023 to £3.160bn in January 2024. This digital growth contrasts with the stagnation in retail sales, which remained flat with no percentage change from the £1.865 bn reported in the previous year.
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. Cash flow remained strong and we returned £425m to shareholders through a combination of dividends (£248m) and share buybacks (£177m).”
Looking forward, Next’s guidance for the upcoming year underscores its commitment to sustained growth.
Looking forward, Next’s guidance for the upcoming year underscores its commitment to sustained growth. Routes for growth include the extension of the brand in Europe, Middle East, US and Asia, improving infrastructure to drive sales, improve service, reducing cost and building brands into its Total Platform services.
