UK-based clothing retailer NEXT has reported total sales of £2.63bn ($3.23bn) in the six months to July 2023, up 5.4% from £2.50bn from the period a year ago.
During H1, the brand’s full price sales increased by 3.2% against the prior year period figure.
Online sales were up by 5.0% to £1.49bn while retail sales increased 0.5% to £885.0m during the period.
NEXT’s profit from trading over the period was £426.9m, up 4.7% from £407.8m a year ago and its operating profit increased by 5.1% to £456.4m.
The retailer delivered profit before tax (PBT) of £419.8m up 4.8% from £400.6m a year ago, but its profit after tax declined by 2.0% to £321.8m from £328.5m a year ago.
Its earnings per share (EPS) were 264.5p, up 0.8% from 262.3p in the prior fiscal year.
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For the full year to January 2024, NEXT increased its brand’s full price sales growth guidance from 1.8% to 2.6%.
It increased profit before tax guidance to £875m from previous guidance of £845m, an increase of 0.5% on last year.
NEXT expects EPS before tax to be 723.9p, an increase of 3.2% from the previous fiscal year. Meanwhile, EPS after tax is anticipated to be down by 3.6% to 552.9p.
Earlier this month, the retailer entered into an agreement to purchase Warburg Pincus’ entire 34% stake in Reiss fashion house for a total consideration of £128m on a fully diluted basis.