Next's profit before tax for FY23 was reported at £870 million, up by 5.7 per cent compared to the previous year and up by 16.3 per cent against pre-COVID levels in FY20. This exceeded the company's previous guidance of £860 million by £10 million. The company's basic earnings per share (EPS) for FY22 were 573.4p, up by 8 per cent compared to the previous year and up by 21.4 per cent against pre-COVID levels in FY20, the company said in a press release.

In FY23, Next retail saw a 30 per cent increase in total sales compared to FY22, and 1 per cent increase compared to FY20. Operating profit for Next retail was reported at £204 million in FY23, up 214 per cent compared to FY22, and 16 per cent versus FY20.

Full price sales for Next’s online business in FY23 were up by 42 per cent compared to FY20 and down 4 per cent compared to FY22. Furthermore, the operating profit was £457 million, which is an increase of 11 per cent compared to FY20 and a decrease of 23 per cent compared to FY22.

The European region contributed to 52 per cent of Next’s total full price sales in FY23, while the Middle East contributed 35 per cent. The company’s Asian business contributed 7 per cent to the total full price sales, while the Americas and Australia contributed 6 per cent.

For the year ahead, Next expects full price sales to be down 1.5 per cent versus FY23, and profit before tax to be £795 million. For the retail segment, full price sales are expected to decline by 4 per cent, and online sales are projected to go down by 1 per cent, the release added.

Michael Roney, chairman of Next, said: “It has been a good year for NEXT. We have embraced the various challenges and seized the opportunities that have arisen.

“We have prepared (and budgeted) for a difficult year. We are very clear on our priories. If we continue to improve our product ranges, relentlessly manage our costs and upgrade our customer service, whilst also developing new business opportunities; we can lay the foundations for an exceptionally strong business and still deliver healthy profits, cash flow and dividends.”

Fibre2Fashion News Desk (DP)