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Next posts profit slump with no expectation of recovery in 2019

PUBLISHED: 08:42 21 March 2019 | UPDATED: 08:42 21 March 2019

Retail giant Next has seen its profits tumble. PHOTO: ANTONY KELLY

Retail giant Next has seen its profits tumble. PHOTO: ANTONY KELLY

© ARCHANT NORFOLK 2009

Retail giant Next has seen its profits tumble, and has said revenue is expected to continue declining for the rest of the year.

The group has posted its results, revealing pre-tax profits falling 0.4% to £722.9m for the year to the end of January.

It is also forecasting profits for the year to “marginally” decline by around 1.1% to £715m.

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Next has a handful of outlets across Norfolk and Suffolk, including two in Norwich’s city centre, as well as one at Longwater, in King’s Lynn and in Great Yarmouth.

It also has a site in Lowestoft, as well as Bury St Edmunds, and two in Ipswich.

But total brand sales lifted 2.6% over the year thanks to a 14.7% jump in online trade and Next said while the high street will remain under pressure, web business will increasingly boost overall sales and profits.

Chief executive Lord Simon Wolfson added that while Brexit worries still reign, the group can “see no evidence that this uncertainty is affecting consumer behaviour in our sector”.

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“Our feeling is that there is a level of fatigue around the subject that leaves consumers numb to the daily swings in the political debate,” he added.

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