NEXT reported GBP104.3 million of deferred revenue from gift-card sales at August 1, compared with GBP96.2 million at July 26, 2025. The figure appears in the retailer's September 17 interim report.
The outstanding balance was below GBP114.6 million at January 31, despite exceeding the corresponding prior-year amount. Those comparisons use different reporting points and should not be combined into a claim of continuous growth.
NEXT deferred gift-card revenue
Outstanding group gift-card obligation at three reporting dates.
GBP million
Tap or hover for details. All values are also available in the data table.
Source
Balances are not new card sales, cash collected or total redemptions. Different seasonal reporting dates do not establish continuous growth; aggregate revenue adjustments do not isolate gift-card breakage.
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| Category | Deferred revenue from gift cards |
|---|---|
| July 26, 2025 | 96.2 GBP million |
| January 31, 2026 | 114.6 GBP million |
| August 1, 2026 | 104.3 GBP million |
Deferred gift-card revenue represents value the group has received ahead of fulfilling the associated obligation. It does not by itself measure current-period card sales, cash newly collected or the total customers redeemed.
The report separately discusses revenue adjustments that include delivery, promotional activity, credit and gift-card breakage. Their aggregate amount is not a standalone breakage disclosure and cannot be substituted for the gift-card deferred balance.
The new financial report supplies a defined measure of the retailer's outstanding gift value. It does not disclose a physical-versus-digital card split, an issuance count or a newly announced change to validity and redemption terms.
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Maya Bennett
Maya Bennett covers customer loyalty, employee rewards and incentive programmes for Gift Card News.