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Next (LSE: NXT) FY18: In-Line Results, but Store Comp Decline of Almost 10% Weighs on Profits

Executive Summary

  • A near-10% decline in store-based comparable sales weighed on Next’s profits in FY18, ended January 2018.
  • Total Next Group sales were down 1.0% year over. EBIT was down 8.2% and pretax profit was down 8.1% year over year.
  • For FY19, Next expects to see total group full-price sales growth of 1.0%, fueled by Next Online full-price sales growth of 10.3%. But it is guiding for a further decline in pretax profits.

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