Next pleases with strong H1 performance
Tuesday, 11 September 2001British clothing retailer Next has unveiled a strong rise in interim profits, showing that British and Irish shoppers continued to spend in its stores despite expectations of a slowdown.
The company reported pre-tax profit of £93m sterling, up from £80.7m this time last year and within analysts' expectations.
Middle market retailer Next has thrived at the expense of Britain's biggest clothing retailer Marks & Spencer and European clothing store group C&A, which has abandoned the UK market.
Next is currently trying out much bigger premises and extending ranges such as homewares, after picking up some of the stores vacated by C&A.
During the first half, sales at the retail chain rose 19%, or 10% based on same store space. The mail order Next Directory business saw sales jump 18%.
In the first six weeks of the new season, Next said retail sales were up 8% on a like-for-like basis while Directory sales were 20% ahead.
The retailer said new stores open since July 2000 were exceeding sales targets by 11%.
