NEXT PLC has released its trading statement for the thirteen weeks ending on 27 April 2024. The company reported a +5.7% increase in full price sales compared to the same period last year, slightly exceeding the guidance of +5%. The sales and profit guidance for the full year remains unchanged, with NEXT Group profit before tax forecasted to be £960m (+4.6%).
The full price sales performance by business division showed an increase of +8.8% in Online sales, while Retail sales remained unchanged at +0.0%. The total NEXT Trading full price sales increased by +5.7%, with NEXT Finance interest income up by +6.4%.
The guidance for the full year 2024/25 includes NEXT Trading full price sales of £4.9bn (+2.5%), total Group sales of £6.2bn (+6.0%), NEXT Group profit before tax of £960m (+4.6%), pre-tax EPS of 805.2p (+6.3%), and post-tax EPS of 606.3p (+4.8%).
The company expects the sales in the second quarter to be weaker than the first quarter due to last year's particularly warm weather. The guidance for the rest of the year indicates an expected increase in full price sales in the first half by +2.5%, with a projected decrease of -0.3% in the second quarter.
The total Group sales for the full year are expected to be up +6% on last year, primarily due to the timing of acquisitions completed during the previous year, including the acquisition of 97% of FatFace in October 2023 and an increased equity share in Reiss from 51% to 72% in September 2023.
The next sales update covering the first 26 weeks of the year to 27 July 2024 is scheduled for Thursday 1 August 2024.
In conclusion, the trading statement provides a comprehensive overview of NEXT PLC's sales performance and guidance for the full year, including insights into the performance of different business divisions and the impact of acquisitions on the company's sales growth.