3 days ago
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Next said a crisp emergence successful overseas income has been helped by the likes of Netflix, Amazon Prime and TikTok "exposing" radical to planetary manner trends.
The High Street retailer reported that overseas gross jumped by 23% successful the archetypal fractional of its fiscal twelvemonth compared to 1% maturation successful the UK.
Next said it performed amended successful much affluent countries geographically person to the UK, but said it was expanding further afield to India and targeting customers successful Japan, China and Australia among others.
"Global amusement is exposing radical to planetary manner trends successful a mode they ne'er person been earlier - deliberation of the planetary scope of Netflix, Amazon Prime, YouTube and TikTok," it said.
In its results for the six months to 27 July, Next said: "It appears that planetary tastes successful covering are converging much rapidly.
"International media and planetary brands exposure america to caller ideas. They besides marque looks that mightiness different look excessively extremist much acceptable."
Next said income were highest successful mainland Europe. Although it said: "There is simply a marked quality betwixt antithetic cultures and climates", adding: "We thin to bash overmuch amended successful Northern Europe than Southern Europe".
The fastest increasing marketplace was successful the Americas, wherever income jumped by 67%.
Next's overseas income were chiefly made up of its own-branded goods but said manner firms it has bought successful caller years - including Friends Like These, Cath Kidston and Reiss - person besides grown successful popularity, making up 42% of online sales.
The institution is readying to assistance its overseas selling spending from £24m to £41m.
In the UK, income of its own-branded covering fell by 0.9%, which it enactment down to a cooler summertime than the erstwhile year.
Overall, Next's income roseate by 8% to £2.9bn portion pre-tax profits accrued by 7.1% to £452m.
The retailer lifted its full-year nett guidance by £15m to £995m.
The retailer confirmed plans to entreaty an August ruling which could spot it paying much than £30m to 3,500 existent and erstwhile workers.
An employment tribunal ruled that store staff, who are predominantly women, should not person been paid astatine little rates than warehouse workers, much than fractional of whom are male.
But Next argued that warehouse workers are paid much than store unit successful the wider labour market.
On Thursday, Next said it was "very confident" of its grounds for appeal, but warned that "in the imaginable (but unlikely) event" that it loses, "there volition beryllium a fiscal outgo to the radical and its ongoing aboriginal operating costs".
English (US)