Next reports that it enjoyed full-price sales growth of 7.7% in the first six months of 2026, with total sales (including markdowns) up 8.9%. Group sales (including subsidiaries) were up +9%. Group PBT was £569m (up 10.5%).
Accordingly, Next has increased its profit guidance for the full year by £12m to £1,255m – which it says is the result of "a small upgrade in sales expectations and some additional cost savings, mainly in warehousing".
"The first half was much better than we originally anticipated, both in the UK and overseas," says Next. "Growth did not come at the expense of profitability, and the group’s pre-tax net margin increased by 0.3% to 16.1%."
It adds that its H1 performance was all the more unexpected given the strength of sales last year – growth versus two years ago was an impressive 20.7%.
"It is important to acknowledge that part of this overperformance has been the result of two unusually warm summers in the UK," says Next. "The rest of the overperformance is, we believe, largely the result of fulfilling the aims we outlined at the beginning of the year.
"Our aims are not new. For a number of years we have been talking about four ambitions that are central to our plans for growth – improving product, driving international growth, upgrading infrastructure and controlling costs. We believe that much of the success we achieved in the first half rests on the progress we have made in these areas."
Full-price sales were down -1.7% in-store. Next says it expects to open eight new stores and re-site two existing ones this year (six have already opened).
As well as expanding its office space in London, Next also expects to expect to spend £9m this year on the freehold land for the future development of a new online warehouse, Elmsall 4.
