IFRS Restatement January 2005

Next PLC
18 July 2005


RESTATEMENT OF FINANCIAL INFORMATION UNDER INTERNATIONAL FINANCIAL REPORTING
STANDARDS


NEXT plc has today released details of its consolidated financial information
for the year ending 29 January 2005, as restated for the transition to
International Financial Reporting Standards ('IFRS').

1        INTRODUCTION

NEXT plc and its subsidiary companies ('the Group') currently prepare
consolidated financial statements in accordance with UK Generally Accepted
Accounting Practice ('UK GAAP').  From 2005 the Group is required to prepare its
consolidated financial statements under IFRS as adopted by the European Union
('EU').

The Group's first annual report under IFRS will be for the financial year ending
28 January 2006, and its first interim IFRS results will be for the six months
ending 30 July 2005.  The Group's date of transition to IFRS is 1 February 2004,
being the start of the previous period which will be presented as comparative
information.

The Group has today published on its website details of the changes in
accounting policies arising from the adoption of IFRS, together with restated
financial information for the balance sheet at 1 February 2004, the income
statements for the six months ended 31 July 2004 and the year ended 29 January
2005, all of which were previously published under UK GAAP.

The adoption of IFRS represents an accounting change only and does not affect
the operations or cash flows of the Group.


2        SUMMARY OF IMPACT

                         Six months to 31 July 2004   Year to 29 January 2005
                               UK GAAP         IFRS     UK GAAP          IFRS
Profit before       £m           171.9        171.8       441.1         442.5
interest

Profit after tax    £m           112.5        113.4       301.0         305.4

Earnings per         p            44.1         44.5       118.5         120.2
share

Net assets          £m           170.5        144.6       272.7         276.5

The changes having the most significant impact on the restated figures are as
follows:

   •The recognition of operating lease incentives and premiums payable in the
    income statement over the full life of the lease

   •The recognition of a fair value charge for share based payments

   •The inclusion on the balance sheet of the net deficit of the defined
    benefit section of the NEXT Group Pension plan

   •The cessation of goodwill amortisation

   •The timing of the recognition of dividends

   •Related deferred tax adjustments

The restated financial information is based on current IFRS, International
Financial Reporting Interpretation Committee ('IFRIC') interpretations, and
current International Accounting Standards Board exposure drafts that are
expected to be issued as final standards and adopted by the EU such that they
are effective for the year ended 28 January 2006.  These standards are subject
to ongoing review and endorsement by the EU and further IFRIC interpretations,
and may therefore be subject to change.  The Group's first IFRS financial
statements may consequently be prepared on the basis of accounting policies or
presentations which are different to those set out in this restatement document.

In accordance with IFRS 1 First Time Adoption of International Financial
Reporting Standards, the Group has elected not to restate comparative
information for the impact of IAS 32 and IAS 39 Financial Instruments.  For the
Group's interim results for the six months ending 30 July 2005, the opening
balance sheet at 30 January 2005 will be restated in accordance with the
requirements of these standards.

3        FURTHER INFORMATION

Full details of the restated financial information are available from the
Group's website (http://www.next.co.uk/pdfs/IFRSJul05final.pdf) and include:

   •An explanation of significant adjustments

   •Restated Consolidated Income Statements and Statements of Recognised
    Income and Expense for the six months ended 31 July 2004 and the year ended
    29 January 2005

   •Restated Consolidated Balance Sheets as at 1 February 2004, 31 July 2004
    and 29 January 2005

   •Supporting reconciliations between previously published UK GAAP and
    restated IFRS financial information

   •A summary of significant accounting policies under IFRS


The Group Finance Director, David Keens, will host a conference call on Monday
25 July at 10.00 BST.  To participate in the call, please dial 0800 358 4501 and
when prompted enter the participant PIN 696701.

A recording of the call may be accessed for a period of 7 days by dialling 0207
081 9440 and entering the participant PIN 278724, recording code 456987.

For further information, please contact:

David Keens, Group Financial Director
Andrew McKinlay, Company Secretary
NEXT plc
Tel:       [phone]


Alistair Makinnon-Musson
Philip Dennis
gcg hudson sandler
Tel:       [phone]
Email:   [e-mail]





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