Next weathers perfect storm

22nd Mar 2012 07:02

Fashion retail chain Next said the year to the end of January finished well after 2011 had presented the retail sector with 'the perfect economic storm'.Revenue rose to £3,506m from £3,454m the year before, ahead of market expectations of sales of £3.4bn. This was despite the core Retail chain - the High Street shops - seeing revenue ease 1.4% to £2,191m from £2,222m. The online and postal business, Next Directory, more than picked up the slack, growing sales by 16.4% to £1,089m from £936m the year before. The International division also had a good year, growing the top line by 13.4% to £76.3m from £67.3m the previous year.Underlying profit before tax from the continuing business climbed 5.0% to £570.3m from £543.4m the year before, and this too was ahead of expectations; the market had pencilled in a figure of £566.3m. The full year dividend has been increased by 15% to 90p, in line with the growth in earnings per share, but the final dividend will be paid a month later than usual to coincide with the peak in Next's summer trading cash flows.jh