NEXT PLC has released a trading statement for the second quarter of 2024, reporting a significant increase in full price sales. The company's full price sales were up +3.2% versus last year, surpassing expectations by £42m. In the first half, full price sales saw a +4.4% increase compared to last year, exceeding the guidance for this period. The total Group sales, including markdown, subsidiaries, and investments, in H1 were up +8.0%. As a result, the company has raised its profit guidance for the full year by +£20m to £980m, up +6.7% versus last year.
The sales performance was influenced by the exceptional summer weather last year, with full price sales in the UK slightly ahead of expectations, up +0.4%, and overseas sales online exceeding expectations, up +21.9%. The Group sales growth in the first half was attributed to the acquisition of FatFace and an increase in the shareholding in Reiss. The end-of-season sale saw a return to normal levels of surplus stock, with planned increases in surplus stock compared to the previous year.
Looking ahead, the company is maintaining its guidance for full price sales in the second half to be up +2.5% versus last year. The forecasted growth for both halves of the year compared to last year and two years ago is provided. The revised guidance for sales and profit for the full year indicates an expected increase in total Group sales by +6.0% and NEXT Group profit before tax by +6.7%.
The company is scheduled to announce its results for the first half of the year on Thursday 19 September 2024. The trading statement includes forward-looking statements, emphasizing the risks and uncertainties involved. NEXT PLC has disclaimed any obligation to update these statements to reflect events occurring after the date of publication.