NEXT (NXT) investor relations material

Executive summary

• Group sales rose 10.3% year-over-year to £3,249m for July 2025, with full price sales up 10.9%.

• Profit before tax increased 13.8% to £515m, and profit after tax grew 13.4% to £387m.

• Post-tax EPS climbed 16.8% to 330.2p, and the interim dividend was raised 16% to 87p.

• Strong international growth and continued UK expansion drove results, with all product categories contributing.

• Full-year pre-tax profit guidance remains at £1,105m (+9.3%), with full price sales expected to grow 7.5%.

Financial highlights

• Operating profit reached £555m, up from £491m year-over-year.

• PBT margin improved to 15.8% from 15.4%.

• Surplus cash increased by £87m to £204m.

• Net cash flow was £123m, a £141m improvement year-over-year.

• Retail stores sales up 3.7%, Online UK up 11.1%, Online International up 32.7%.

Outlook and guidance

• Full year 2025/26 guidance projects full price sales growth of 7.5% and profit of £1,105m (+9.3%).

• Pre-tax EPS is expected to rise 12.5% to 950.9p, with an ordinary dividend yield of 2.5%.

• Full price sales growth for H2 expected at 4.5%, with full-year guidance unchanged.

• UK sales growth expected to slow in H2 due to weaker employment and tougher comparatives.

• International sales growth also expected to moderate in H2.