UK-based multinational apparel retailer Next has reported a profit before tax of £823m ($1.1bn) for the fiscal year 2021-22, up by 140% compared with 2020-21.

During the 12 months to January this year, the brand’s full-price sales increased by 32.4% against 2020-21 and were up by 12.8% from 2019-20.

Next’s total brand sales, including markdown and total platform sales, increased by 12.1%.

The company’s operating profit for the year grew by 103.7% to £905.4 from the prior year.

In addition, Next’s earnings per share (EPS) for the 12-month period increased by 138% year-on-year.

Next chairman Michael Roney said: “2021 was another exceptionally productive year for NEXT as we worked hard to adapt and develop our business to enable us to maximise the opportunities of an increasingly online world.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“I am very proud to see how everyone within the business has embraced our challenges, opportunities and ambitions.

“I would like to thank them for this, and also for the continued commitment that they have shown over the past two years whilst having to deal with disruption to both their work and personal lives due to the pandemic.”

For 2022-23, Next has lowered its sales guidance by £85m or 2.0% and its profit guidance by £10m or 1.2%.

The retailer expects its full-price sales for the upcoming fiscal year to increase by 5.0%.

Roney added: “We enter 2022 with confidence in the outlook for our business and its ability to continue its successful evolution.

“The effects of the pandemic are ongoing, and we remain mindful of macroeconomic and geopolitical risks, but our continued investment over many years in our people and our systems has generated strong and resilient results in the past year and we believe that it will continue to do so.”