Highlights

  • Full price sales increased +10.6% in nine weeks to 27 Dec, exceeding guidance.
  • International online sales grew +38.3%, adding GBP 51m to full price sales.
  • FY26 profit before tax now forecast at GBP 1,150m, with EPS up +16.1%.

NEXT PLC (LSE:NXT) recorded full price sales growth of +10.6% versus the prior year, surpassing the Q4 guidance of +7.0%. UK sales rose +5.9%, while international online sales increased +38.3%, driven by higher marketing expenditure and improved stock allocation via the ZEOS platform.

Sales in the end-of-season Sale were +5% higher than last year. Clearance rates offset the impact on profits, resulting in an estimated GBP 30m contribution to total Group sales.

FY26 Sales and Profit Guidance
Following Q4 trading, NEXT has raised full year profit before tax guidance by GBP 15m to GBP 1,150m, representing a +13.7% increase versus FY25. Post-tax EPS is projected at 738.8p, up +16.1%.

Full price sales for FY26 are now expected to reach GBP 5,603m (+10.7%), while total Group sales, including markdowns and subsidiaries, are forecast at GBP 6,971m (+10.3%).

Cash generation for FY26 is estimated at GBP 474m after ordinary dividends, with net debt anticipated to close the year at GBP 739m. Share buybacks during the year totalled GBP 131m, reducing net shares by 1.0%. The proposed B Share Scheme aims to return GBP 421m to shareholders, equating to GBP 3.60 per ordinary share.

FY27 Initial Guidance
For the financial year ending January 2027, NEXT forecasts full price sales growth of +4.5% to GBP 5,855m, with profit before tax of GBP 1,202m (+4.5%) and post-tax EPS of 770.4p (+4.3%). UK sales growth is projected at +1.6%, and international online growth at +16.5%.

Total Group sales, including markdowns and investments, are expected to reach GBP 7,261m (+4.2%). Cash generation after ordinary dividends is forecast at GBP 417m, with net debt ending the year around GBP 777m. Total shareholder distributions, including ordinary dividends and capital returns, are expected to amount to GBP 768m, representing 4.8% of current market capitalisation and delivering a total shareholder return of 9.1% at a constant P/E ratio.

Share performance
NXT shares closed at GBX 13,910 on 5 January 2026.