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.

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“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.”