Next has recorded a dip in pre-tax profits in its full-year results as falling sales in its stores were offset by rises across its online and brand sales.
The fashion retailer posted a 0.4% decline in pre-tax profits year-on-year to £722.9m in the year ending January 2019, with total group sales up 2.5% to £4.2bn and full-price sales up 3.1%.
The retailer’s in-store sales declined 7.9% to £1.9bn, with full-price store sales down 7.3% and like-for-like store sales down 8.5%.
Online sales increased 14.7% during the period to £1.9bn, with full-price online sales up 14.8%.
Next’s brand sales rose 2.6% to £4.1m.
The retailer’s total store numbers declined from 528 the previous year to 507 at the end of this financial period.
Chief executive Lord Wolfson said, as of yet, Brexit has not has a material impact on the fashion retailer’s performance.
“We can see no evidence that [Brexit] uncertainty is affecting consumer behaviour in our sector,” he said.
“Our feeling is that there is a level of fatigue around the subject that leaves consumers numb to the daily swings in the political debate.”
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Next full-year profits edge down as store sales decline