Business
NEXT PLC Results for the Year Ending January 2019
NEXT PLC Results for the Year Ending January 2019.
About this update from Next Plc
[{"type":"text","content":"\n \nRNS Number : 5196T Next PLC 21 March 2019 \n\n\n\n\n\nDate:\n\n\nEmbargoed until 07.00hrs, Thursday 21 March 2019\n\n\n\n\n \n\n\n \n\n\n\n\nContacts:\n\n\nLord Wolfson, Chief Executive\n\n\n\n\n \n\n\nAmanda James, Group Finance Director (analyst calls)\n\n\n\n\n \n\n\nNEXT PLC\n\n\nTel: 0333 777 8888\n\n\n\n\n \n\n\n \n\n\n\n\n \n\n\nAlistair Mackinnon-Musson \n\n\nEmail: [email protected]\n\n\n\n\n \n\n\nRowbell PR\n\n\nTel: 020 7717 5239\n\n\n\n\n \n\n\n \n\n\n\n\nPhotographs: \n\n\nhttp://www.nextplc.co.uk/media/image-gallery/campaign-images\n\n\n\n\n \n \nNEXT plc\nResults for the\nYear Ending\nJanuary 2019\n \n \nThis document contains some page number cross-referencing. Please refer to the PDF version of this statement which is available at http://www.rns-pdf.londonstockexchange.com/rns/5196T_1-2019-3-21.pdf or on the NEXT corporate website www.nextplc.co.uk\n \nCHAIRMAN'S STATEMENT\nThe NEXT Group has delivered profits exactly in line with the guidance we issued in January 2019 and we are maintaining our guidance for the year ahead.\nAs anticipated, the year to January 2019 was challenging for NEXT as we continued to experience a structural change in our business, with sales continuing to transfer from our stores to online. Despite this, Earnings Per Share for the Group increased by +4.5% to 435.3p. We are proposing a final ordinary dividend of 110p taking the total ordinary dividend for the year to 165p, an increase of +4.4% on last year.\nTotal1 Group sales were £4.2bn. Full price sales2 were up +3.1%. Online3 full price sales increased by +14.8% and Retail full price sales declined by -7.3%. \nCash flow remained strong and we returned £541m to shareholders through a combination of ordinary dividends (£216m) and share buybacks (£325m). During the year we purchased 6.3m shares at an average price of £51.65 and reduced our shares in issue by 4.3%. \nWe have continued to invest in the business, spending £129m on stores, warehousing and systems. Net debt increased to £1,096m from £1,002m driven by the sales growth in nextpay, our online credit business. Net debt of £1.1bn remains well within our bond and bank facilities of £1.5bn and broadly aligned to our Online debtor b...