British fashion retailer Next has announced delivered full-year results recently.
During the fiscal, total group sales were £4.2 billion, marking a 14.8 percent increase in online retail and 8 percent drop in physical retail business.
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Next retail store sales plunged to £1.95billion from £2.12billion a year earlier. Online retail business grew to £1.91billion from £1.67billion.
The retailer also said that its finance sales rose 12.1 percent to £250million and it all meant total group sales were up 2.5percent to £4.22billion.
Next’spre-tax profit was £722.9million, down 0.4percent on last year.
Retail profit fell 21percent with profits down 1.1percent to £715million.
Next said: “The internet has been good for consumers [with] access to an unprecedented choice of goods along with delivery networks that are faster, more efficient and cheaper than ever before. One way or another, less clothing, homeware, electrical goods and food are going to be sold on the High Street and more sold online.”
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“For Next, we believe that this market represents a long-term threat to our retail [stores] business but potentially, a much larger opportunity for the group as a whole,” it added.
