NEXT (NXT) H1 2026 TU earnings summary

Executive summary

• Full price sales rose 10.5% year-over-year in Q2, outperforming guidance by £49m, driven by strong UK and international performance.

• UK sales benefited from favorable weather and competitor disruption; international growth was fueled by effective digital marketing.

• Full year profit before tax guidance increased by £25m to £1,105m, reflecting improved sales outlook.

Financial highlights

• Q2 full price sales up 10.5% year-over-year; H1 up 10.9%.

• Revised full year guidance: full price sales £5.44bn (+7.5%), group profit before tax £1,105m (+9.3%), pre-tax EPS 944.1p (+11.7%).

• Total group sales expected at £6.72bn (+6.3% year-over-year).

Outlook and guidance

• H2 full price sales guidance raised to +4.5% (from +3.5%), with international online sales guidance upgraded to +19.4%.

• UK H2 sales expected to grow 1.9% due to tougher comparatives and anticipated economic headwinds.

• EPS guidance assumes no further share buybacks this year; special dividend planned if surplus cash remains.

• Week 53 profit (~£20m) excluded from current guidance and will be reported separately.