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Online sales help Next exceed expectations

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UK fashion and homeware giant Next has reported that full price sales have come in ahead of guidance with a 5.7% increase year-on-year, it had forecast a 5% jump.

Issuing its results for the 13 weeks to 27 April, Next credited its ecommerce sales for this rise. Online full price sales grew by 8.8% in the period, while sales at its high stores were flat.

Therefore, Next has maintained its guidance for a first half increase of 2.5% as it predictss sales in its second quarter to dip by 0.3%.

“We expect the sales performance in the second quarter to be weaker than the first quarter because last year benefited from particularly warm weather from late May through to the end of June,” the statement explained.

Additionally, the retailer expects Next Group pre-tax profit to rise by 4.6% to £960mn. Total group sales growth is expected to be higher with an increase of 6% to £6.2bn due to the timing last year of Next’s acquisition of equity stakes in FatFace and Reiss.

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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