The high street darling has delivered again. Next recorded its best ever pre-tax profit this year at £918 million. The figure was even higher, at £1 billion, when including a £109 million one-off accounting gain from the acquisition of the fashion chain Reiss last year. The market rejoiced, lifting Next’s shares by as much as 5 per cent on Thursday.
The clothing and homeware retailer has long been an investor favourite, not least because of its early pivot to online. The digital shop, which now makes up just over half of the group’s operating profit, rose by 11 per cent to £517 million in the latest financial year. Profits at the bricks-and-mortar retail division rose by 2 per cent to £245 million.
Next’s overseas expansion
