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

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)