Replacement:Results for Half Year Ending July 2020

RNS Number : 2048A

Next PLC

25 September 2020

 

Next plc

Replacement: Results for the Half Year Ending July 2020

This announcement corrects a technical error in the announcement published at 7 am on 17 September (RNS number 2805Z). The error, which understated our statutory sales, is not material and there is no impact on Profit Before Tax.  It relates to the reporting of our commission sales in the Segmental Analysis, Note 3 of the Financial Statements, which analyses the difference between "Total Sales" and statutory revenue. 

Where third-party branded goods are sold on a commission basis, only the commission receivable is included in statutory revenue, whereas "Total Sales" includes the full customer sales value of commission based sales.  When analysing the difference between "Total Sales" and statutory revenue in our 17 September announcement, the Online commission sales adjustment was too high and therefore reduced statutory sales by more than was required. After correction, our total statutory revenue has increased from £1,290.1m to £1,332.7m.  The corrected announcement, which includes the amendment in Appendix 1, the Unaudited Consolidated Income Statement and Note 4, can be found at the following link https://www.nextplc.co.uk/investors/reports-and-presentations/2020-21 .

All other details remain unchanged.

S L Anderson

Company Secretary

 

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