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Next PLC on Wednesday said profit and sales both increased around 5% in its latest half year and raised its full year guidance, adding that it expects inflationary pressures to ease in financial 2025. The Leicester, England-based clothing, footwear and home products retailer said pretax profit rose 4.8% to £419.8 million in the half year ending July, from £400.6 million the previous year. Earnings per share increased 0.8% to 264.5 pence from 262.3p. Profit from trading increased 4.7% to £426.9 million from £407.8 million. Total group sales increased 5.4% to £2.64 billion from £2.50 billion, or 5.8% to £2.52 billion from £2.38 billion on a statutory basis. Online sales increased 5.0% to £1.50 billion from £1.43 billion, while retail sales increased 0.5% to £885.0 million. Next declared a 66p interim dividend for the period, unchanged from the prior year. For the full year ending in January 2024, Next increased its guidance for pretax profit to £875 million from £845 million. It expects full-price brand sales to grow 2.6% instead of 1.8%. In financial 2023, Next made £870.4 million in pretax profit and £5.15 billion in total trading sales. Next added that it expects to make a one-off exceptional gain of £110 million from its acquisition of an extra 21% interest in the Reiss Group, growing its stake to 72% from 52%, earlier this month. The company also anticipates that inflationary pressures, on selling prices and operating costs, will ‘continue to ease’ over fiscal 2024 and 2025. Shares in Next were up 1.9% at 7,242.00p in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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