BRIEF-Next Sees FY Group Profit Of £960 Mln, Up 4.6%

March 21 (Reuters) – Next PLC:

* NEXT PLC – NEXT PLC RESULTS FOR THE YEAR ENDED JANUARY 2024

* NEXT PLC – RECOMMENDED A FINAL ORDINARY DIVIDEND FOR YEAR ENDED 27 JANUARY 2024 OF 141P PER SHARE

* NEXT PLC – SEES FY UNDERLYING FULL PRICE SALES GROWTH OF +2.5% AND TOTAL GROUP SALES (INCLUDING SUBSIDIARIES) +6.0%.

* NEXT PLC: FY NEXT TRADING FULL PRICE SALES UP 4.0%

* NEXT PLC – SEES FY NEXT GROUP PROFIT GUIDANCE £960M, UP +4.6%.

* NEXT PLC: FY NEXT GROUP PROFIT BEFORE TAX £918M, UP +5.0%

* NEXT PLC – OUTLOOK FOR 2024/25 HAS CHANGED LITTLE SINCE OUR JANUARY TRADING STATEMENT

* NEXT PLC: IN FY MADE EXCEPTIONAL GAIN (NON-CASH) ON THE REISS ACQUISITION OF £109M

* NEXT PLC – CONSUMER ENVIRONMENT LOOKS MORE BENIGN THAN IT HAS FOR A NUMBER OF YEARS, ALBEIT THERE ARE SOME SIGNIFICANT UNCERTAINTIES

* NEXT PLC – SELLING PRICE INFLATION IN OUR OWN PRODUCTS HAS REVERSED, MAINLY AS A RESULT OF DECREASING FACTORY GATE PRICES

* NEXT PLC: WILL RETURN £288M OF SURPLUS CASH TO SHAREHOLDERS BY WAY OF SHARE BUYBACKS IN 2024/2025

* NEXT PLC – DO NOT CURRENTLY ANTICIPATE ANY MATERIAL ADVERSE IMPACT FROM STOCK DELAYS

* NEXT PLC: IN 2024/2025 CURRENTLY EXPECT TO RETURN £258M TO SHAREHOLDERS BY WAY OF ORDINARY DIVIDEND

* NEXT PLC – ON AVERAGE, TRANSIT TIMES EXTENDED BY 7-10 DAYS AND PRODUCT TEAMS ADJUSTED TIMING OF THEIR CONTRACT BOOKINGS TO ACCOUNT FOR THIS DELAY.

* NEXT PLC: IN 2023/24 WE PURCHASED 2.6M SHARES AT AN AVERAGE SHARE PRICE OF £68.60, TOTALLING £177.3M

* NEXT PLC – IN ADDITION, HIGHER FREIGHT COSTS FACTORED INTO PRICES GOING FORWARD BUT WE STILL ANTICIPATE THAT OUR PRICES WILL FALL

* NEXT PLC: BOARD HAS PROPOSED FINAL ORDINARY DIVIDEND OF 141P

* NEXT PLC – WITHIN FIRST HALF ANTICIPATE THAT QUARTERS WILL PERFORM VERY DIFFERENTLY, WITH SALES IN FIRST QUARTER UP +5% AND FLAT IN THE SECOND.

* NEXT PLC – THIS YEAR WE EXPECT TO INCUR A NON-RECURRING, NON-CASH, CHARGE OF AROUND £20M RELATING TO OUR DEFINED BENEFIT PENSION SCHEME

* NEXT PLC – THIS YEAR LARGEST COST INCREASE WILL BE WAGE INFLATION, WHICH WE EXPECT TO BE AROUND £60M

* NEXT PLC – TO MITIGATE SOME OF COST INCREASE, WE PLAN TO RECOVER C.£17M BY INCREASING OUR BOUGHT-IN GROSS MARGIN BY +0.4%

* NEXT PLC: RESHAPING AND RESTRUCTURING THE GROUP AND EMERGING WITH NEW AVENUES OF GROWTH

* NEXT PLC – DESPITE INCREASE IN MARGIN, WE EXPECT A SMALL REDUCTION IN SELLING PRICES IN THE YEAR AHEAD.

* NEXT PLC: NEW AVENUES OF GROWTH, GROWTH OF NEXT BRAND OVERSEAS, DEVELOPMENT OF NEW BRANDS AND LICENCES Source text for Eikon: Further company coverage:

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