Vat Exclusive Sales Performance 1 August to 24 December
NEXT Brand sales were up 3.1%, in line with the full year guidance range given in November of between 2.5% and 4.0%. The strong performance of NEXT Directory continued to compensate for slightly disappointing NEXT Retail store sales.
The table below sets out our performance for 1 August to 24 December and the year to date.
|
Sales Vat Ex |
01 Aug |
Year |
|
NEXT Retail |
-2.7% |
-2.2% |
|
NEXT Directory |
+16.9% |
+16.0% |
|
NEXT Brand |
+3.1% |
+3.2% |
Total stock for our End of Season Sale was up +10% on last year. The Sale has gone well and we expect final clearance rates to be slightly ahead of last year and our budget.
Outlook for Full Year Profits
We did not discount our products in the run up to Christmas and maintained operating margins. We continue to expect full year profit before tax on continuing business (see note) to be in line with our previous guidance. We are now narrowing our guidance range to £7m either side of £565m. This figure would represent an increase in profit of +4.0% on last year. NEXT's main financial objective is the delivery of sustainable long term growth in earnings per share, which have been further enhanced through cash generation and share buybacks. At a profit of £565m our EPS would be +11.3% ahead of last year.
