NEXT (NXT) Trading Update summary

Christmas trading and full year guidance

• Full price sales rose 10.6% in the nine weeks to 27 December, exceeding the 7.0% guidance, with UK up 5.9% and international up 38.3%.

• Full year profit before tax guidance increased by £15m to £1,150m, up 13.7% year-on-year; post-tax EPS forecast up 16.1%.

• End-of-season sale stock was higher than expected but offset by better clearance rates, adding £30m to sales guidance but neutral to profit.

Detailed sales performance

• UK online sales grew 11.9% in Q4 to date, while retail stores rose 1.4%; total UK sales up 5.9%.

• International online sales surged 38.3% in Q4, driven by increased marketing and improved stock availability via ZEOS.

• Total full price sales for the year to 27 December up 10.7%.

Cash generation, shareholder distributions, and net debt

• Surplus cash generation for the year expected at £474m, including a £54m land sale.

• Net debt (excluding leases) to rise by £79m to £739m, in line with profit growth.

• £131m of shares repurchased, reducing net shares by 1.0%; remaining surplus cash of £421m proposed to be returned via a B Share Scheme.