20 July 2024, 13:13
By Furniture News Jul 21, 2021

Next repays rates relief as sales soar

Next reports that sales during the 11 weeks to 17th July were materially ahead of expectations and, that it is increasing its profit guidance for the full year as a result – by +£30m to £750m (pre-IFRS 16). 

Next says figure accounts for the profit from additional sales, together with the cost of its unplanned repayment of £29m in business rates relief (covering the period this year in which Next's shops were not charged business rates but were open).

Full price sales during the period were up +18.6% Yo2Y. Online sales were up +44%, with retail sales in the UK and Ireland down -6% (both Yo2Y). Next-branded Home sales were up +40%.

Next has raised sales guidance for H2 from +3% to +6%. For the full year, surplus cash is forecast to be £240m.

© 2013 - 2024 Gearing Media Group Ltd. All Rights Reserved.