Next curbs high street troubles with online growth

Growth | Latest News | Retail | South East

shoppingBritish clothing retail chain Next has reported a 2.7% increase in profit for the first six months of the financial year, when compared to the previous total over this time period in 2018.

The department store giant noted that robust online sales had more than offset the decline of the high street.

Next has more than 500 stores across the UK and Ireland, as well as 200 more across the world – however, the firm has seen a large growth in online sales throughout 2019.

The company made a pre-tax profit of £319.6m, when compared to the previous year’s total of £311.1m. Group sales also increased by 3.7% to £2.06bn – despite a 3.9% fall in in-store sales.

Shares in Next, up 55% in 2019, closed trading on Wednesday at 6.17 pence/share, which values the company at £8.24bn.

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