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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
NEXT
NEXT (NXT) investor relations material
NEXT Trading Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading Update summary6 Jan, 2026
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.
Why the sharp slowdown in FY27 int'l online growth?
Capital allocation strategy if share price stays high?
What are the key UK market challenges for FY27?
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Next NEXT earnings date
H2 202626 Mar, 2026
NEXT
Next NEXT earnings date
H2 202626 Mar, 2026
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Frequently asked questions
NEXT plc engages in the retail of clothing, footwear, and home products in the United Kingdom, rest of Europe, the Middle East, Asia, and internationally. Its food products comprise bakery items; cereals; snacks; breakfast bars; drinks; fresh produce; meat; sandwiches and refreshments under the Selfridges Foodhall brand. The company offers its products through stores and online. As of March 4, 2017, it operated approximately 540 stores and approximately 200 franchise stores. The company also operates through concession stores at Debenhams Plc, John Lewis Partnership PLC, House of Fraser Ltd., and national trust properties. NEXT plc was founded in 1864 and is based in Enderby, the United Kingdom.
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