Online business overtakes retail receipts at Next
By James Young | 19th September 2019
Online sales have overtaken retail receipts at High Street giant Next, according to the company's half-year results.
Next reported this morning that full price sales - VAT exclusive sales, excluding items sold in sales events or clearance operations - were up by 4.3 per cent on the same six months last year.
Sales including the markdown sales were up by 3.8 per cent year-on-year for the six months to July 2019.
Total sales for the six months came in at £2.058 billion, thanks to a 12.6 per cent rise in online sales from £892.3million in 2018 to £1.004billion in 2019.
Retail sales slid by 5.5 per cent from £925.1 million to £874.3 million
Group profit saw a 2.7 per cent increase, with profts before tax up from £311.1 million to £319.6million.
Next have two key stores in Gloucestershire, on Cheltenham's High Street and a recently-opened superstore in Gloucester Quays.
Their results come on the same day that it was revealed that River Island's profits have shrunk by more than a half in the past year.
Retail Week have reported that operating profits at the private limited company are down to £35.1million in the last year from £80.6 million in the previous 12 months.
The fall in profits is due to the company "ploughing cash" into improving the business, according to the report.
Sales shrunk slightly from £944.5million to £919.7million for the 12 months to December 2018.
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