Online sales at Next plc climbs 14.8% in 2018

23 Apr '19

2 min read

Pic: Next plc

The e-commerce full price sales of Next plc for fiscal 2018 rose 14.8 per cent along with total group sales of £4.2 billion, up by 3.1 per cent. As anticipated, the year to January 2019 was challenging for Next as the company continued to experience a structural change in the business, with sales continued to transfer from stores to online.

During the reported period, the company has continued to invest in the business, spending £129 million on stores, warehousing and systems. Net debt increased to £1,096 million from £1,002 million driven by the sales growth in nextpay, the online credit business. Net debt of £1.1 billion remains well within the bond and bank facilities of £1.5 billion and broadly aligned to the online debtor book.

"Even though the high street looks set to remain challenging our online business continues to increase its contribution to sales and profit of the group. Our central guidance for the year ahead is for earnings per share to grow by +3.6 per cent. The board continues to be focused on building shareholder value through the delivery of long term sustainable growth in earnings per share. Our core strategy remains unchanged; focus on our customers, products and profitability, continuing to build on the capabilities of our brand and online platform and returning surplus cash to our shareholders," Michael Roney, company chairman. (RR)

Fibre2Fashion News Desk – India

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