Retailer Next said growth in its online business and the opening of new stores offset a drop in like-for-like sales in the first half.
The firm also maintained its outlook for the year despite noting rocky August and September trading.
In the first half revenue was up 4.8% to £1.64bn and underlying profit was up 10.2% to £251m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Profits at company's retail arm crept ahead by 0.2% to £122.7m, which included a fall in like-for-like sales of £18m. New profitable space added £14m.
However, its online Next Directory saw sales jump 13.3% to £551.7m, boosting profits by £26m.
Earnings per share were up 18.7% and rose faster than profit, mainly as a result of continued share buybacks and lower tax rates.
Next increased its interim dividend by 12.7% to 31p and said it expected to increase the full year amount broadly in line with its growth in underlying earnings per share.
The firm said it was on track to meet market expectations and maintain the full year financial guidance given in its August trading statement, with sales, profits and earnings per share all moving forward on last year.
However it said it had seen disappointing sales in August and early September and remained cautious on the outlook.
-
Lloyds axes foreign currency fees for Club Lloyds customersClub Lloyds customers will be able to withdraw their money abroad without incurring any extra fees
-
How to invest during stagflationTrump’s tariffs look poised to push the global economy into a period of stagflation. We look at how to ensure your investments can survive a global slowdown.
