UK retailer Next's net sales surge 5.9% in FY24
21 Mar 24 2 min read
Insights
- In FY24, British retailer Next Plc's net sales increased by 5.9 per cent to £5.842 billion ($7.46 billion).
- Pre-tax profits also increased to £918 million, a 5 per cent uptick.
- The company's online sales grew to £3.160 billion, while retail remained steady at £1.865 billion.
- However, post-tax profits slightly declined by 2 per cent to £702 million in FY24.
Despite the broader economic challenges, Next Plc's statutory profit before tax remarkably soared by 16.9 per cent, reaching £1.016 billion up from £869 million in January 2023. The statutory revenue similarly experienced significant growth, reporting a 9.1 per cent increase with figures jumping from £5.034 billion to £5.491 billion, the company said in a press release.
However, the profit after tax experienced a slight decline of 2 per cent, settling at £702 million in comparison to £716 million the prior year. Nonetheless, the earnings per share post-tax inched up by 0.3 per cent.
Online sales climbed by 5 per cent, from £3.007 billion in January 2023 to £3.160 billion in January 2024. This digital growth contrasts with the stagnation in retail sales, which remained flat with no percentage change from the £1.865 billion reported in the previous year.
- US retailer Nordstrom’s net sales surge 5.1% in Q1 FY24
- US retailer Kohl’s net sales at $3.2 bn in Q1 FY24
- American brand Guess’ revenue increases 4% in Q1 FY25
- American firm Gap’s sales up 3% to $3.4 bn in Q1 FY24
- Germany’s Otto Group’s revenue drops by 6% in 2023-24
- India’s leading fashion retailers report mixed performance in FY24
“In the context of the wider economic environment, the year to January 2024 was a very good year for Next and the business materially outperformed our initial expectations. Cash flow remained strong and we returned £425 million to shareholders through a combination of dividends (£248 million) and share buybacks (£177 million),” said Michael Roney, chairman of Next.
Fibre2Fashion News Desk (DP)
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