Next powers on with record profits
Profits hit a record high for the year ending January 2024 at Enderby-based retail giant Next, it revealed this morning (March 21).
In what was described as a “very good year by chairman Michael Roney, profit before tax rose by 5% to £918m, while group sales rose by almost 6% to £5.84bn.
The headline profit figure is £3m ahead of guidance given by Next at the beginning of the year – largely due to a better than expected January sales performance.
Next says it expects profits to rise again in the current financial year – up to £960m.
Money said: “In the context of the wider economic environment, the year to January 2024 was a very good year for Next and the business materially outperformed our initial expectations.
“The continued success of Next is built on the hard work, dedication and decision making of all the people who work for Next. I would like to thank them all for their contribution during the year; I have little doubt and much expectation that they will rise to the new challenges and opportunities that are presented in 2024.”
Charlie Huggins, manager of the Quality Shares Portfolio at Wealth Club – and a Next shareholder – said: “This is another excellent set of results from Next, with sales and profits both progressing, in a year characterised by deep economic uncertainty and rising inflation. With inflationary pressures easing and fears of a hard economic landing receding, Next can look forward to the year ahead with confidence.”
