Home / Knowledge / News / Fashion / 'New looks without evidence is a key to do fashion biz' - Next Chief
'New looks without evidence is a key to do fashion biz' - Next Chief
15
Apr '09
Next Plc releases the full rear results Jan 2009.

John Barton, Chairman Next Plc's statement on 2008 results: As anticipated, the year to January 2009 was a challenging year for Next. Revenue fell by 1.7% to £3,272 million and earnings per share, our primary financial measure, fell by 7.5% to 156p. However, we delivered profit before tax of £429m and reduced net debt by £111m to £629m.

The Board is pleased to recommend a final dividend of 37p making 55p for the year, the same as last year, which is covered 2.8 times by earnings.

Trading conditions in the year ahead will continue to be tough. The current economic climate in the UK is unstable and this brings short term volatility in our sales which, in turn, makes forecasting difficult. In addition, the weakness of Sterling against the US Dollar and the Euro, our main purchasing currencies, has brought further challenges to our buying teams. Their response has been excellent, working hard with our suppliers to protect our customers from unaffordable price increases and our own margins, as far as possible.

Next has a number of assets and opportunities which will enable us to trade through the year as successfully as possible:

• An experienced and stable management team who are responding extremely well to their current challenges.
• A powerful and efficient operating model.
• A strong financial position with modest debt and excellent cash flows.
• A weakening property market which is already providing us with interesting opportunities for profitable new Retail stores.
• The Next Directory, and its strong internet presence, which gives us the base to extend our product offering.

Our strategy remains as it was last year; to concentrate on the design, quality and value of our product, together with excellent customer service and delivery. We believe this will serve us well through the current recessionary period and leave us well placed when the recovery begins.

As we go through difficult trading periods we depend heavily on our management team, all of our staff and, in particular this year, the support of our suppliers. I would like to thank them all for the contribution they have made and their continuing support.

Simon Wolfson, Chief Executive Review: Next has emerged from a difficult year in good financial health, with solid net margins, a robust balance sheet, strong positive cash flow and secure financing. During the year we focused on managing our costs and continued to invest in the Next Brand through improved product ranges, stores and marketing. Whilst we do not underestimate the difficulties presented by the year ahead, we believe we are well prepared to meet the challenges of the continued economic downturn.

Anticipating a difficult year we set ourselves four key objectives; set realistic sales budgets, control stock, control costs and continue to invest in the Brand. During the year:


Must ReadView All

US commerce department finds dumping of low melt PSF

Textiles | On 20th Jun 2018

US commerce department finds dumping of low melt PSF

The US department of commerce (USDC) has announced affirmative final...

Courtesy: Aditya Birla

Textiles | On 20th Jun 2018

'Growth of VSF yarn industry is difficult'

Growth for the viscose filament yarn (VSF) yarn industry is...

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Apparel/Garments | On 20th Jun 2018

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Italian company Eurojersey Spa will present in 2019 new embossing...

Interviews View All

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search