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Next sales increase 21.3 percent, maintains pre-tax profit outlook

By Prachi Singh

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Business

Image: Next Plc

In the thirteen weeks to April 30, full price sales at Next plc were up 21.3 percent versus last year, in line with the retailer’s previous guidance for the period.

The company is maintaining its guidance for full year pre-tax profit of 850 million pounds, which would be up 3.3 percent versus last year. Guidance for earnings per share is 557.3p, up 5 percent versus last year.

The company said in a statement that last year, most of its retail stores were shut for the majority of the first quarter, which is why retail growth was strong at 285 percent. However, that figure was still 8 percent below the same period three years ago (2019/20).

Online sales falter

Conversely, the company added that last year online sales were boosted by retail closures. Online sales in the UK were down 11 percent compared to a year ago, but were up 47 percent compared to three years ago.

Online sales overseas were down 12 percent year-over-year but up 47 percent year-over-three-years.

In April, Next and a group of investment firms acquired mother and babywear brand JoJo Maman Bébé.

Next acquired a 44 percent stake in the British company from the shares of existing shareholders, while other investment firms acquired the remaining 56 percent.

Next PLC