NEXT (NXT) H1 2026 earnings summary

Executive summary

• Group sales rose 10.3% year-over-year to £3,249m, with full price sales up 10.9%.

• Profit before tax increased 13.8% to £515m, and post-tax EPS climbed 16.8% to 330.2p.

• Strong international and online growth, especially in the US and Rest of World, with robust performance from wholly-owned and third-party brands.

• Management maintains a cautious outlook due to macroeconomic uncertainties but highlights a strong balance sheet and financial resilience.

• Continued investment in product innovation, online platform upgrades, and international expansion.

Financial highlights

• Total Group sales: £3,249m (+10.3% year-over-year); statutory revenue: £3,145m (+9.9%).

• Profit before tax: £515m (+13.8%); profit after tax: £387m (+13.4%).

• Post-tax EPS: 330.2p (+16.8%); interim dividend increased 16% to 87p.

• Net cash flow up £141m; net debt down £180m; net assets up £340m.

• Operating profit reached £555m, with PBT margin at 15.8% (up from 15.4%).

Outlook and guidance

• Full year guidance: full price sales growth of 7.5% and pre-tax profit of £1,105m (+9.3%).

• EPS projected to rise 12.5% for the year, with total shareholder return targeted at 15%.

• Second half sales growth expected to slow to 4.5% due to tougher comparatives and macroeconomic headwinds.