Business
NEXT PLC-Results for the Year Ending January 2021
NEXT PLC-Results for the Year Ending January 2021.
About this update from Next Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2694U\n Next PLC\n 01 April 2021\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Date:\n \n \n Embargoed until 07.00hrs, Thursday 1 April 2021\n \n \n \n \n \n \n \n \n \n \n \n \n Contacts:\n \n \n Lord Wolfson, Chief Executive\n \n \n \n \n \n \n \n Amanda James, Group Finance Director (analyst calls)\n \n \n \n \n \n \n \n NEXT PLC\n \n \n Tel: 0333 777 8888\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Alistair Mackinnon-Musson\n \n \n Email: [email protected]\n \n \n \n \n \n \n \n Rowbell PR\n \n \n Tel: 020 7717 5239\n \n \n \n \n \n \n \n \n \n \n \n \n Photographs:\n \n \n \n http://www.nextplc.co.uk/media/image-gallery/campaign-images\n \n \n \n \n \n \n \n \n \n \n \n \n \n NEXT PLC\n \n \n \n \n \n Results for the\n \n \n Year Ending\n \n \n January 2021\n \n \n \n \n \n This document contains some page number cross-referencing. Please refer to the PDF version of this statement which is available at \n http://www.rns-pdf.londonstockexchange.com/rns/2694U_1-2021-4-1.pdf\n \n or on the NEXT corporate website www.nextplc.co.uk\n \n \n \n \n \n CHAIRMAN'S STATEMENT\n \n \n In last year's Full Year Results, published just as the UK went into lockdown, we stated that our sector was facing a crisis unprecedented in living memory. We also stated that our strong balance sheet and profit margins would allow us to weather the storm.\n \n \n Both statements have proved true. A year on, NEXT has delivered profit before tax of £342m (2019/20: £729m, both pre-IFRS 16) in line with the central guidance issued in our January 2021 Trading Statement. Despite most of our stores being closed for a significant portion of 2020/21, Total1 Group sales decreased by less than 17% to £3.6bn (2019/20: £4.4bn). \n \n \n In April 2020, we stated our intention to suspend all capital returns to shareholders for the duration of the financial year and until the situation stabilises. Given the continuing uncertainty around when our stores will reopen, no final dividend is proposed for 2020/21 and our share buyback programme remains suspended. We remain committed to returning capital to shareholders in the long term and will review our position later in the year whe...