Next’s high street sales collapse in ‘demanding’ year

Profits in Enderby based Next’s retail division collapsed last year after what its chairman called a ‘challenging’ 12 months.

Next was bailed out by a strong performance in its online channels to post a profit of £590.4m, down just 0.4%, while revenue grew slightly to £4.22bn.

However, profits in its high street division slumped by 21% while revenues dipped 7.9%.

In its latest results, Next admits it “will be hard for the Brand to maintain UK market share in this new world”.

In a statement, Michael Roney, chairman, said: “The strength of the Group is built on the hard work and dedication of all Next’s people. I would like to thank them all for their contribution, especially for the determination and commitment they have shown during this demanding year.”