**Summary of NEXT PLC Trading Statement (6 January 2026):**
NEXT PLC reported strong performance for the nine weeks leading up to 27 December 2025, with full-price sales up **+10.6%** year-on-year, exceeding previous guidance of **+7.0%**. This was driven by
**UK sales growth** of **+5.9%** (vs. guidance of **+4.1%**), supported by higher stock levels compared to the previous year.
**International sales growth** of **+38.3%** (vs. guidance of **+24.3%**), attributed to increased marketing spend and improved stock availability through the ZEOS platform integration with Zalando.
As a result, NEXT increased its full-year profit before tax guidance by **£15m** to **£1,150m**, representing a **+13.7%** rise year-on-year. Post-tax Earnings Per Share (EPS) is expected to grow by **+16.1%**.
**Key Highlights for the Current Year (2025/26):**
Full-price sales forecast at **£5603m** (+10.7%).
Total Group sales (including markdowns) at **£6,971m** (+10.3%).
Surplus cash generation of **£474m**, with **£421m** proposed to be returned to shareholders via a B Share Scheme, subject to approval.
Share buybacks totaling **£131m** during the year.
**Guidance for the Year Ahead (2026/27)**
Full-price sales growth forecast at **+4.5%**, with UK sales at **+1.6%** and International Online sales at **+16.5%**.
Group profit before tax expected to rise by **+4.5%** to **£1,202m**.
Cash available for shareholder distributions, including ordinary dividends, is projected at **£768m**, representing **4.8%** of current market capitalisation.
Total shareholder return forecast at **9.1%**, combining dividends, capital returns, and EPS growth of **+4.3%**.
**Key Drivers for Slower Growth in 2026/27:**
1. Tough comparatives in the UK due to favorable conditions in 2025.
2. Consumer spending pressures from UK employment challenges.
3. Moderation in international growth due to reduced marketing spend and one-off stock availability improvements in 2025.
**Next Steps**
Full-year results for 2025/26 will be announced on **26 March 2026**.
The proposed B Share Scheme is subject to shareholder approval on **15 January 2026**.
NEXT remains confident in its strategy, focusing on cash generation and shareholder returns while navigating evolving market conditions.