Here is a summary of the trading statement from NEXT PLC for the period ending July 27, 2024
Headlines
NEXT PLC reports better-than-expected sales performance in the second quarter, with full-price sales up 3.2% compared to the same period last year.
In the first half of the year, full-price sales were up 4.4%, exceeding the companys guidance of a 2.5% increase.
Total Group salesincluding markdowns and subsidiariesincreased by 8.0% in the first half.
The company has raised its full-year profit guidance by £20 million to £980 million, representing a 6.7% increase year-over-year.
Sales Performance
NEXT PLCs full-price sales in the UK (Online and Retail combined) were up 0.4% in the second quarter, while Overseas online sales saw a significant increase of 21.9%.
Group sales, including subsidiaries, grew by 8.0% in the first half, partly due to the acquisition of FatFace and an increased shareholding in Reiss.
Full-price sales guidance for the second half is set at a 2.5% increase compared to last year, resulting in a full-year forecast of a 3.4% increase.
End-of-Season Sale
NEXT PLC entered the end-of-season sale with higher surplus stock compared to last year, which was in line with the companys plans.
Guidance for SalesProfitand Earnings per Share
The company provides revised guidance for sales and profit for the full year, expecting full-price sales of £4.9 billion, total Group sales of £6.2 billion, and a profit before tax of £980 million.
Pre-tax and post-tax earnings per share are expected to be 818.8p and 616.5p, respectively.
Interim Results
NEXT PLC is scheduled to announce its interim results for the first half of the year on September 19, 2024.
The trading statement from NEXT PLC highlights the companys strong sales performance, particularly in the first half of the year, and provides a positive outlook for the full-year results. The company has raised its profit guidance and expects continued growth in sales and earnings per share.