Next profits soar 18%

Next has reported an 18% rise in profits to £505m for the year ending January 2010.

Like-for like sales, which exclude new stores, rose for the first time in five years, up 0.5%.

Retail sales for the full year were 3.5% up on last year with total sales of £3,406m.

John Barton, chairman of Next says it has been an “exceptional year” for the high street fashion chain.

He attributes the sales growth following four years of negative like for like figures to “the work Next has done to revitalise the brand” in the previous three years and improvements to its range by adopting fashion trends more quickly.

During the year Next spent £26m refitting and £7m extending it stores as part of a programme to “reinvigorate” the portfolio.

He adds that the strength of its management team has allowed the chain to “contain costs, improve products and invest in the business”.

Barton says that the chain’s focus for the coming year will remain “investing in the Next brand and improving and extending product ranges.”

Latest from Marketing Week

Tesco, M&S, Just Eat: 5 things that mattered this week and why

m&s

M&S chief outlines digital-first strategy after profits plummet Marks & Spencer (M&S) is gearing up for a digital-first future, after its revealed on Wednesday (23 May) that profits had dropped a massive 62.1% to £66.8m compared to the previous year. A day earlier, the struggling retailer confirmed it will close more than 100 stores over […]

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here