Next achieves record £1 billion profit milestone

Next has achieved a significant milestone by reporting over £1 billion in pre-tax profits for the first time, with a 10.1% increase year-on-year, totaling £1.01 billion for the financial year ending January 2025. The retailer has raised its sales and profit guidance for the upcoming year, anticipating a pre-tax profit of £1.07 billion, a 5.4% increase from the current figure. Sales grew by 8.2% to £6.3 billion, supported by strong online performance, while Next's LABEL platform also contributed positively with nearly a 10% rise in third-party brand sales. Despite the impressive results, Next has expressed caution regarding future economic conditions, forecasting a potential decline in like-for-like sales due to challenging market dynamics. The company remains focused on adapting its business model to enhance online sales and international expansion. Next has consistently upgraded its profit outlook, indicating a stable recovery since the pandemic.