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British retailer Next's sales surge 5.4% in H1 FY24

21 Sep '23
2 min read
Pic: Vytautas Kielaitis / Shutterstock.com
Pic: Vytautas Kielaitis / Shutterstock.com

Insights

  • Next Plc reported a 5.4 per cent growth in H1 FY24 total sales to £2.64 billion, with profit before tax rising 4.8 per cent to £420 million.
  • Overseas sales surged by 18 per cent, and online sales led with an 11.1 per cent profit increase.
  • Retail sales totalled £885 million in H1 FY24, compared to £880.5 million in the same month last year.
British retail giant Next Plc has reported a 5.4 per cent increase in total group sales to £2,638.2 million for the first half of fiscal 2024 (H2 FY24). The high-street retail giant saw its brand full-price sales increase by 3.2 per cent compared to the same period last year.

Next's profit before tax stood at £420 million, marking an upturn of 4.8 per cent. Furthermore, the earnings per share (EPS) grew by a modest 0.8 per cent, the company said in a press release.

Next’s overseas segment’s sales surged by 18 per cent compared to last year, which equates to a 15 per cent increase in local currency. Notably, net margins doubled from 7 per cent to 14 per cent, underscoring the successful international expansion strategy employed by the retailer.

When it comes to a breakdown of total group sales by division, the online sector led the growth. Online sales registered £1,498.4 million in H1 FY24, up by 5 per cent from £1,427.4 million in H1 FY23. Retail sales also showed a slight improvement, totalling £885 million in H1 FY24, compared to £880.5 million in the same month last year, representing a modest increase of 0.5 per cent.

The summary of group profit by division was led by the online sector, which reported £245.5 million in profit for H1 FY24, a substantial 11.1 per cent increase from £220.9 million in H1 FY23. Retail followed with £101.2 million in profit, a modest 0.6 per cent gain from £100.6 million in the first half of the previous year.

Fibre2Fashion News Desk (DP)

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