Next Plc FY Profit Rises

Next Plc (NXT.L) reported profit before tax of 823 million pounds for the year ending January 2022, up 10% from two years ago. Earnings per basic share was 530.8 pence, up 12% from 2019/20. The Group noted that the disruption to last year (2020/21) from COVID means that one year comparisons are generally not meaningful.

Fiscal year total Group statutory sales were 4.63 billion pounds, an increase of 8.4% from two years ago. Total Group sales were 4.86 billion pounds, up 11.5%. Brand full price sales were up 12.8% versus 2019/20 and Brand total sales, including markdown and total platform sales, were up 12.1%.

For the year ahead, following the closure of websites in Ukraine and Russia, and after moderating growth expectations in some other overseas territories, the Group lowered sales guidance for 2022/23 by 85 million pounds or 2.0% and profit guidance by 10 million pounds. Earnings per share is estimated to be 556.6 pence.

In the year ahead, the Group will return to its pre-pandemic ordinary dividend cycle. The Board has proposed the payment of an ordinary dividend of 127 pence, to be paid on 1 August 2022.

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