Next sales surge in H1 2014

Next has reported a surge in profits for the first half of the year, but warned a slowdown in the coming months.

Total sales were up 10.3% to £1.85bn for the six months ending in July compared to the same period last year, with all sectors of the business contributing to the growth.

Directory sales were up 16.2% to £695m on last year, while retail sales climbed 7.5% to £1.08bn and Next brand sales jumped 10.7% to £1.77bn.

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Next said it was helped by an improving economy, low interest rates and less general discounting discount on the high street, but noted: “these factors are likely to be less favourable next year and this year’s fine summer weather could present tough comparatives next year, when interest rates are also expected to rise.”

The chain said it expects sales growth to moderate to 10% in the third quarter, and 4% in the fourth quarter.

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