Next PLC Replacement:Results for Half Year Ending July 2020 (2048A)
September 25 2020 - 12:20PM
UK Regulatory
TIDMNXT
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
GBP1,290.1m to GBP1,332.7m. 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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END
IR PPUAGBUPUGQA
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