NEXT has made good progress in the first half. Sales were 2.2% ahead of last year, driven by a combination of additional NEXT Retail selling space and increased online sales through the NEXT Directory. Operating profits were at the top end of our expectations, up 7.2%. Strong cash generation enabled us to buy back a further £170m of our shares which, together with a lower tax rate, resulted in EPS growing much faster than profits.
Financial highlights are as follows:
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Sales up 2.2% at £1,677m |
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Operating profit of £285m, up 7.2% |
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Profit after tax of £217m, up 13.8% |
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Net cash inflow of £129m before £170m of share buybacks |
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Earnings per share of 142p, up 19.9% |
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Interim dividend of 36p, up 16.1% |
