Next has offloaded land that it acquired in 2021 to consolidate part of its distribution network for £54.1m.
The retail giant purchased the plot in Waltham Abbey, Essex, with the intention of consolidating two of its regional warehouses.
It said today (November 25) that its plans for its distribution centres had changed and that “we no longer plan to use this land”.
The sale generates net cash proceeds after costs of £54.1m and an exceptional profit of £16.3m.
Next said the £54m of additional cash flow increases the surplus cash it has available for shareholder distributions, which will rise 45p higher than the initially stated £3.10 per share it announced in its third quarter trading update.
The retailer upgraded its full-year profit outlook last month after delivering a 10.5% increase in full-price sales for the 13 weeks to October 25. This was £75m ahead of its guidance for the period of 4.5%.
As a result, it expects to deliver a profit of £1.13bn, which is £30m above its previous guidance.
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