Next news and archive

Next raises FY profit outlook again as H1 sales beat expectations

British fashion retailer Next has raised its full-year profit guidance again after posting better-than-expected full-price sales in the first half of the year. The high street giant now expects a full-year pre-tax profit of 875 million pounds compared to its previous guidance of 845 million pounds. It would represent a year-on-year increase of...

RetailFeatured

Project Pegasus: John Lewis and Next among those joining crackdown on shoplifting

As the UK continues to battle on through its cost-of-living crisis, an increasingly prominent offset of the financial crunch has become front of mind for many retailers in the region. Shoplifting and retail theft is up 27 percent across 10 of the largest cities in the UK, according to the British Retail Consortium (BRC), which had been calling...

Report

Next snaps up 34 percent interest in Reiss Group

British retailer Next has announced that it will acquire Warburg Pincus’ entire 34 percent interest in the Reiss Group for a total consideration of 128 million pounds. The transaction, which is expected to be complete by mid-October 2023, will see Next’s holding in the Reiss business increased from 51 percent to 72 percent. Meanwhile, the Reiss...

Fashion Featured

Labour rights group urges Next and Superdry to pay owed Cambodian Workers

The Labour Behind the Label (LBL) initiative is leading efforts to ensure fashion companies Next and Superdry fulfill their obligation of 500,000 dollars owed to Cambodian garment workers affected by the Wai Full Textiles factory closure during Covid-19. According to LBL, Next, Superdry, and Asos received supplies from Wai Full Textiles. The...

ManagementFeatured

Next raises profit guidance by 10 million pounds

British fashion retailer Next has increased its full-year profit outlook following strong summer sales. The company announced Thursday that full price sales in the second quarter increased 6.9 percent on the prior year. The company is increasing its full-year guidance for profit before tax by 10 million pounds to 845 million pounds. It said the...

Report

Reiss: Investment firm Elliott reportedly enters takeover race

Investment firm Elliott Advisors is reportedly one of the parties interested in acquiring upmarket British brand Reiss. However, it is unclear whether Elliott will table a formal bid, Sky News reported Wednesday, adding that at least three parties are said to be involved in the auction, which is being overseen by bankers at Raymond James. The...

Report

UK's Next raises full year profit outlook

Next Plc reported full price sales in the first seven weeks of the second quarter increased 9.3 percent versus last year compared to the company’s guidance of negative 5 percent. In the period under review, Next beat its full price sales estimates by 93 million pounds. After the positive trading performance, the company has revised the full...

Report

Next reportedly exploring sale of Reiss

British high street giant Next is reportedly considering selling upmarket British brand Reiss. Next and fellow Reiss shareholder Warburg Pincus are in talks with banks over a deal that could value the label at more than 500 million pounds, Sky News reports, citing City sources. US investment bank Raymond James is reportedly overseeing the deal,...

ManagementFeatured

Next posts marginal drop in sales, maintains profit outlook

In the thirteen weeks to April 29, 2023, full price sales at Next plc were down 0.7 percent versus last year, moderately ahead of the company’s guidance for this period - it expected a 2 percent drop. The British high street giant said it is maintaining its sales and profit guidance for the full year, with pre-tax profit forecast to be 795...

BusinessFeatured

Next to relaunch Joules ‘much earlier than expected’

Following on from its acquisition of Joules last year, Next has said that its technology team has made “significant progress” towards the delivery of its Total Platform (TP) offer for the brand. As such, the company believes that it will be able to launch Joules’ TP site “much earlier than expected”, lifting its initially proposed launch date...

Business

Price hikes at Next to be less than forecast for 2023

With the Bank of England raising interest rates, inflation is expected to continue throughout 2023, with consumers to see price increases in clothing and accessories. Retail giant Next, which earlier this week posted a 5.7 percent rise in pre-tax profits to 870.4 million pounds for the year to January, said it expected prices to rise by 7...

ManagementFeatured

Next snaps up Cath Kidston for 8.5 million pounds

British high street giant Next is once again bolstering its portfolio, this time by announcing plans to acquire fashion and lifestyle brand Cath Kidston. Next said in a brief statement Tuesday: “The company announces that it has agreed to acquire the brand name, domain names and intellectual property of CK Acquisitions Ltd from the...