British clothing company Next's FY21 revenue falls 17% to £3,626 mn

02 Apr '21

1 min read

Pic: Next

Next plc, a British multinational clothing, footwear and home products retailer, reported 17 per cent revenue decline to £3,625.9 million in its fiscal 2021 ended on January 30, 2021 compared to the revenue of £4,361.8 million in the previous fiscal. The company’s profit before taxation dropped to £342.4 million (FY20: £748.5 million).

Gross profit for fiscal 2021 was £1,247.9 million (£1,640.5 million). Operating profit fell to £444.5 million (£854.3 million).

“I believe that in difficult times there is a clearer separation between the stronger corporate performers and the weaker ones. This result is due to the formation of a good management team and the establishment of robust processes during less volatile periods,” Michael Roney, chairman at Next, said in a press release.

During FY21, company’s online sales jumped 10 per cent to £2,368.4 million (£2,146.6 million). Whereas, retail sales plunged 48 per cent to £954.5 million (£1,851.9 million).

Fibre2Fashion News Desk (JL)

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