Fashion and homewear retailer Next generated net cash proceeds of £54.1 million (after costs) from the sale of its land in Waltham Abbey, Essex.
The plot, which was acquired in 2021, produced an exceptional profit of £16.3 million.
The land was purchased as part of the retailer’s bid to merge two of its regional distribution centres, but these plans have since changed, leading to the sale of the plot.
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According to Next, the extra cash inflow increases the surplus funds the firm has available for shareholder distributions this year.
In its latest quarterly report, published on 29 October, the firm reported a 10.5% increase in full price sales. It also highlighted that its marketing expenditure in the third quarter was up 50% versus previous guidance.
Speaking at the time, its chief financial officer Jonathan Blanchard said: “We’re encouraged by the resilience of UK demand and the momentum in our overseas markets.
“Our focus remains on profitable growth, maintaining healthy stock levels, and ensuring our customers have access to the best possible product availability both online and in-store.”
