Partner Article

NEXT profits jump nearly 12%

Profits before tax at national fashion chain NEXT PLC have jumped nearly 12% to £695.2 million, driven by sales across the brand’s online and catalogue business.

Internationally, profits remained difficult as tough pricing in markets continued to challenge the brand.

The retailer said it now planned to China, Egypt, Brazil, Oman, Saudi Arabia, Belarus, Libya, Malta, Cyprus, Lebanon and Azerbaijan, by January 2015.

NEXT’s free, next-day delivery to a store near the customer accounts for 74% of retail turnover and the firm plan to make this figure near 99%.

Until now, NEXT has sold third party, “non-competing”, clothes brands through its directory - alongside Next merchendise.

It has now created a dedicated catalogue for third party brands that has been distributed to 400,000 customers.

Chairman John Barton said: “The strength of our Group is built on the hard work and productivity of our management team and all the people who work for NEXT.

“I would like to thank them all for their contribution during the year and especially for the excellent performance through the busy Christmas period.

“That performance gives us a solid platform for 2014. Our strategy remains the same, focused on our products, our profitability and returning cash to our shareholders. Notwithstanding the continued pressure on the UK consumer, we anticipate another year of growth for NEXT.”

This was posted in Bdaily's Members' News section by Tom Keighley .