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Next posts record £918mn profit

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High street giant Next has outperformed its initial expectations with a record group profit before tax of £918mn, up 5% year on year.

Its latest results, for the year to 27 January 2024, saw group sales rise by 5.9% to £5.84bn. Next credited an improving product range and better clearance rates of sale stock in January. The fashion and homeware retailer told stakeholders there had been a “shift back to investment dressing”, with shoppers willing to spend more on better quality and long-lasting fashion.

It has also boosted its third-party offering, adding the likes of JoJo Maman Bébé, Joules and Made to its Total Platform, with increasing stakes in Reiss and FatFace.

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.”

Additionally, Next heralded the start of a new era as it pledged to offer even better products; improve infrastructure; and develop the global reach of the brand.

Roney added: “The continued success of Next is built on the hard work, dedication and decision making of all the people who work for Next. I would like to thank them all for their contribution during the year. I have little doubt and much expectation that they will rise to the new challenges and opportunities that are presented in 2024.”

Next was ranked Elite in the recently published RetailX UK Top500 2024 report. An exclusive company profile tracked its growth from its 1864 founding of J Hepworth & Sons, to a clothing and homewares giant with more than 500 stores in the UK and Ireland.

Download the full report for the company profile, and a strategic overview of the UK retail sector. There is also an interview with Sue Harries of Elite retailer Screwfix.

Additional company profiles include Amazon, Ikea, Asda, Dunelm, Boden, Richer Sounds & Very.

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