Chairman steps down as Next profits fall

A huge drop of nearly 16% in its in-store sales has seen Enderby retail giant Next report a “challenging” year.

Profits across the company for the year ending 31 January were down nearly 4% – Next’s first fall in profits for eight years. The only bright spot was the Next Directory arm, which saw profits rise by 9.6%. Sales across the company were flat, down 0.3%.

Meanwhile, Next’s chairman, John Barton, has announced he is stepping down from the board after 15 years with the company. He will be succeeded by Michael Roney, who has been deputy chairman since last month (February).

Barton said: “The strength of the Group is built on the hard work and dedication of all the people who work for Next. I would like to thank them all for their contribution throughout the year. I have been chairman of Next since May 2006. In 2008 our profits fell and our share price halved; by the following year our profits had started to grow again and our share price recovered strongly in the following years. Trading conditions in the year ahead will continue to be tough, however I believe that by focusing on our core strengths, as we did during 2008, we will see Next emerge from this period stronger than before.”