Battle · 9 companies

High street fashion

Fast fashion, big racks, thin margins: who dresses the high street at a profit?

Next leads on all five measures that matter most: turnover, pre-tax profit, profit margin, growth and net assets. Next is the biggest by turnover at £6,901m, against £4,354m at TK Maxx. Next keeps the most of every £100 it takes, £17.28 as pre-tax profit.

The year ends are up to 15 months apart, so this compares each company's most recent filing rather than the same twelve months. Next and ASOS file group accounts that include subsidiaries; Primark, H&M, Zara UK, TK Maxx, River Island, Matalan and New Look file for a single company, which flatters the groups on size.

Spark Intel Research Desk·Last updated 9 November 2026·Source: Companies House filed accounts

Accounts compared: Next to Jan 2026 · Primark to Sep 2025 · H&M to Nov 2024 · Zara UK to Jan 2026 · TK Maxx to Jan 2026 · ASOS to Aug 2025 · River Island to Dec 2025 · Matalan to Feb 2026 · New Look to Mar 2025

Biggest by turnover

£6,901m

Highest profit margin

17.3%

Fastest-growing turnover

+12.8%

The Numbers

#	Company	Turnover	Change	Pre-tax profit	Margin	Employees	Pay per head	Turnover per head	Net assets	Bank and cash	Accounts to	Basis
1	NextNext PLC	£6,901m	+12.8%	£1,193m	17.3%	31,589	£41,000	£218,000	£1,781m	£96m	Jan 2026	Group
2	TK MaxxTJX UK	£4,354m	+4.7%	£237m	5.4%	25,389	£30,000	£172,000	£909m	£309m	Jan 2026	Single company
3	PrimarkPrimark Stores Limited	£3,862m	-1.1%	£137m	3.5%	33,961	£18,000	£114,000	£1,067m	£45m	Sep 2025	Single company
4	ASOSASOS PLC	£2,478m	-14.7%	-£282m	-11.4%	2,974	£54,000	£833,000	£212m	£319m	Aug 2025	Group
5	Zara UKITX UK Limited	£1,771m	+11.2%	£135m	7.6%	4,707	£38,000	£376,000	£316m	£16m	Jan 2026	Single company
6	H&MH&M Hennes & Mauritz UK Limited	£1,368m	-5.4%	£59m	4.3%	7,807	£21,000	£175,000	£133m	£9m	Nov 2024	Single company
7	MatalanMatalan Retail Ltd.	£987m	+0.2%	-£36m	-3.7%	9,593	£20,000	£103,000	-£67m	£76m	Feb 2026	Single company
8	New LookNew Look Retailers Limited	£688m	-6.5%	-£77m	-11.2%	7,697	£19,000	£89,000	£11m	£44m	Mar 2025	Single company
9	River IslandRiver Island Clothing Co. Limited	£478m	-10.9%	£21m	4.3%	2,022	£52,000	£236,000	£79m	£43m	Dec 2025	Single company

Ranked by turnover. Click any column to sort. The leader on each measure is highlighted. Movements are against each company's own prior year. Pre-tax profit is filed except where marked (est.). ITX UK's sales of £1,771m cover all 116 Inditex shops it ran in the UK at 31 January 2026 and its UK online sales, not Zara alone: the accounts do not split sales by brand (ITX UK strategic report, year to 31 January 2026, p. 2).

Category winners

Biggest by turnover

£6,901m

Most pre-tax profit

£1,193m

Highest profit margin

17.3%

Fastest-growing turnover

+12.8%

Biggest employer

Primark

33,961 staff

Highest pay per head

ASOS

£54,000

Most turnover per head

ASOS

£833,000

Largest net assets

£1,781m

Most cash

ASOS

£319m

The Takeaway

Next converts the most of its turnover. Of every £100, £17.28 reaches pre-tax profit, against a loss of £11.36 at ASOS.
Next is the largest on the top line, £6,901m of turnover, 1.6x TK Maxx's £4,354m.
Next is growing fastest, turnover +12.8% on its own prior year. Primark, H&M, ASOS, River Island and New Look went backwards.
Primark is the biggest employer with 33,961 people; ASOS pays the most per head, an average staff cost of about £54,000.
Next has the largest balance sheet, net assets of £1,781m, while ASOS holds the most cash at £319m.

Who keeps the most of every £100 of sales?

Next keeps the most: £17.28 of every £100 of turnover becomes pre-tax profit. ASOS does worst, losing £11.36.

Financing bites hardest at Matalan: £8.48 of every £100 goes on interest.

Every profit figure here is the one the company filed.

The chart splits each company's turnover into £100: what goes on people, on interest and on everything else, and what is left as profit.

Out of every £100 of turnover

Payroll (staff costs)Financing (interest paid)Other running costsPre-tax profitLoss: the costs beyond £100

Each bar is £100 of that company's own turnover, so companies of any size compare on one scale; the figures are pounds out of each £100, not millions. Companies run from the best margin to the worst. Payroll is staff costs, financing is interest paid, other running costs are everything else, and profit is pre-tax profit, filed or estimated as marked in the table. A loss is not an extra cost: it is the part of the costs that runs past the £100 line, marked with a red bracket. Hover over any segment for its figure.

Who is the biggest, and does the comparison hold?

By turnover the order is Next (£6,901m), TK Maxx (£4,354m), Primark (£3,862m), ASOS (£2,478m), Zara UK (£1,771m), H&M (£1,368m), Matalan (£987m), New Look (£688m), River Island (£478m).

By headcount, Primark leads with 33,961 employees.

The comparison holds with the dates stated plainly: Next to Jan 2026, Primark to Sep 2025, H&M to Nov 2024, Zara UK to Jan 2026, TK Maxx to Jan 2026, ASOS to Aug 2025, River Island to Dec 2025, Matalan to Feb 2026, New Look to Mar 2025. The bases differ: group accounts include the businesses a company owns, single-company accounts do not.

Turnover on the latest filing

Who is growing fastest?

Next grew fastest, turnover +12.8% on its own prior year, ahead of Zara UK (+11.2%), TK Maxx (+4.7%), Matalan (+0.2%), Primark (-1.1%), H&M (-5.4%), New Look (-6.5%), River Island (-10.9%), ASOS (-14.7%).

Turnover change on each company's own prior year

Who employs the most, who pays the most, and who brings in the most per head?

Primark employs the most, 33,961 people, against 31,589 at Next.

ASOS has the highest average staff cost, about £54,000 a head; Primark the lowest, about £18,000.

ASOS brings in the most turnover per employee, about £833,000, against £89,000 at New Look. It says as much about the business model as the workforce: a marketplace or a wholesaler needs far fewer people per pound than a restaurant or a gym.

31,589

employees, about £41,000 pay a head, £218,000 turnover a head, -37.7% on the year

Primark

33,961

employees, about £18,000 pay a head, £114,000 turnover a head, +0.2% on the year

H&M

7,807

employees, about £21,000 pay a head, £175,000 turnover a head, -4.0% on the year

Zara UK

4,707

employees, about £38,000 pay a head, £376,000 turnover a head, +4.9% on the year

TK Maxx

25,389

employees, about £30,000 pay a head, £172,000 turnover a head, -0.3% on the year

ASOS

2,974

employees, about £54,000 pay a head, £833,000 turnover a head, -1.8% on the year

River Island

2,022

employees, about £52,000 pay a head, £236,000 turnover a head, -11.2% on the year

Matalan

9,593

employees, about £20,000 pay a head, £103,000 turnover a head, -6.7% on the year

New Look

7,697

employees, about £19,000 pay a head, £89,000 turnover a head, -4.0% on the year

Who owns each one?

Ownership as recorded on the Companies House register of people with significant control, in the bands the register uses.

Next PLC · 04412362

Owned by its shareholders

Listed on the London Stock Exchange, so no single controller appears on the register. 1 outstanding charge on the register.

Who owns Next →

Primark Stores Limited · 00453448

Held by ABF INVESTMENTS (NO.2) LIMITED

A company recorded as a person with significant control.

Who owns Primark →

H&M Hennes & Mauritz UK Limited · 01413450

Held by H&M Hennes & Mauritz Ab

A company recorded as a person with significant control.

Who owns H&M →

ITX UK Limited · 02245999

Held by Inditex S.A.

A company recorded as a person with significant control.

Who owns Zara UK →

TJX UK · 03094828

Held by Tjx Europe Limited

A company recorded as a person with significant control.

Who owns TK Maxx →

ASOS PLC · 04006623

Owned by its shareholders

Listed on the London Stock Exchange, so no single controller appears on the register. 3 outstanding charges on the register.

Who owns ASOS →

River Island Clothing Co. Limited · 00636095

Held by River Island Holdings Limited

A company recorded as a person with significant control. 4 outstanding charges on the register.

Who owns River Island →

Matalan Retail Ltd. · 02103564

Held by Matalan Limited

A company recorded as a person with significant control. 2 outstanding charges on the register.

Who owns Matalan →

New Look Retailers Limited · 01618428

Held by New Look Limited

A company recorded as a person with significant control. 7 outstanding charges on the register.

Who owns New Look →

What does the full ledger show?

Measure	Next	Primark	H&M	Zara UK	TK Maxx	ASOS	River Island	Matalan	New Look
Registered name	NEXT PLC	PRIMARK STORES LIMITED	H&M HENNES & MAURITZ UK LIMITED	ITX UK LIMITED	TJX UK	ASOS PLC	RIVER ISLAND CLOTHING CO. LIMITED	MATALAN RETAIL LTD.	NEW LOOK RETAILERS LIMITED
Company number	04412362	00453448	01413450	02245999	03094828	04006623	00636095	02103564	01618428
Incorporated	2002	1948	1979	1988	1995	2000	1959	1987	1982
Accounts filed	2 June 2026	30 May 2026	8 December 2025	30 September 2026	15 October 2026	30 January 2026	19 June 2026	10 August 2026	29 December 2025
Turnover, prior year	£6,118m	£3,907m	£1,446m	£1,593m	£4,159m	£2,906m	£537m	£985m	£735m
Pre-tax profit, prior year	£987m	£149m	£45m	£145m	£118m	-£379m	-£64m	-£45m	-£4m
Staff costs	£1,290m	£617m	£162m	£180m	£754m	£161m	£104m	£189m	£145m
Payroll share of turnover	18.7%	16.0%	11.8%	10.2%	17.3%	6.5%	21.8%	19.1%	21.1%
Employees, prior year	50,743	33,888	8,129	4,487	25,463	3,027	2,277	10,277	8,020
Dividends paid	£289m	n/d	n/d	n/d	£54m	n/d	n/d	n/d	n/d
Charges outstanding	1	0	0	0	0	3	4	2	7

A figure the filing does not disclose is shown as n/d; a zero in a filing is treated as not disclosed. Rounding: below £0.1m in thousands, £0.1m to £2m to one decimal place, above that to the nearest million.

High street fashion: common questions

Who is the biggest of Next, Primark, H&M, Zara UK, TK Maxx, ASOS, River Island, Matalan or New Look?

Next, with turnover of £6,901m in the year to January 2026.

Which makes the most profit?

Next: £1,193m pre-tax in the year to January 2026.

Which employs the most people?

Primark, with 33,961 employees in its latest accounts.

Next or Primark: which is bigger?

Next, with turnover of £6,901m against £3,862m at Primark on their latest filings. On margin, Next keeps more of each £100 as pre-tax profit.

Next or H&M: which is bigger?

Next, with turnover of £6,901m against £1,368m at H&M on their latest filings. On margin, Next keeps more of each £100 as pre-tax profit.

Next or Zara UK: which is bigger?

Next, with turnover of £6,901m against £1,771m at Zara UK on their latest filings. On margin, Next keeps more of each £100 as pre-tax profit.

Next or TK Maxx: which is bigger?

Next, with turnover of £6,901m against £4,354m at TK Maxx on their latest filings. On margin, Next keeps more of each £100 as pre-tax profit.

Next or ASOS: which is bigger?

Next, with turnover of £6,901m against £2,478m at ASOS on their latest filings. On margin, Next keeps more of each £100 as pre-tax profit. The full head to head is in the VS Series. Read the VS page →

Next or River Island: which is bigger?

Next, with turnover of £6,901m against £478m at River Island on their latest filings. On margin, Next keeps more of each £100 as pre-tax profit.

Next or Matalan: which is bigger?

Next, with turnover of £6,901m against £987m at Matalan on their latest filings. On margin, Next keeps more of each £100 as pre-tax profit.

Next or New Look: which is bigger?

Next, with turnover of £6,901m against £688m at New Look on their latest filings. On margin, Next keeps more of each £100 as pre-tax profit.

Primark or H&M: which is bigger?

Primark, with turnover of £3,862m against £1,368m at H&M on their latest filings. On margin, H&M keeps more of each £100 as pre-tax profit.

Primark or Zara UK: which is bigger?

Primark, with turnover of £3,862m against £1,771m at Zara UK on their latest filings. On margin, Zara UK keeps more of each £100 as pre-tax profit.

Primark or TK Maxx: which is bigger?

TK Maxx, with turnover of £4,354m against £3,862m at Primark on their latest filings. On margin, TK Maxx keeps more of each £100 as pre-tax profit.

Primark or ASOS: which is bigger?

Primark, with turnover of £3,862m against £2,478m at ASOS on their latest filings. On margin, Primark keeps more of each £100 as pre-tax profit.

Primark or River Island: which is bigger?

Primark, with turnover of £3,862m against £478m at River Island on their latest filings. On margin, River Island keeps more of each £100 as pre-tax profit.

Primark or Matalan: which is bigger?

Primark, with turnover of £3,862m against £987m at Matalan on their latest filings. On margin, Primark keeps more of each £100 as pre-tax profit.

Primark or New Look: which is bigger?

Primark, with turnover of £3,862m against £688m at New Look on their latest filings. On margin, Primark keeps more of each £100 as pre-tax profit.

H&M or Zara UK: which is bigger?

Zara UK, with turnover of £1,771m against £1,368m at H&M on their latest filings. On margin, Zara UK keeps more of each £100 as pre-tax profit. The full head to head is in the VS Series. Read the VS page →

H&M or TK Maxx: which is bigger?

TK Maxx, with turnover of £4,354m against £1,368m at H&M on their latest filings. On margin, TK Maxx keeps more of each £100 as pre-tax profit.

H&M or ASOS: which is bigger?

ASOS, with turnover of £2,478m against £1,368m at H&M on their latest filings. On margin, H&M keeps more of each £100 as pre-tax profit.

H&M or River Island: which is bigger?

H&M, with turnover of £1,368m against £478m at River Island on their latest filings. On margin, H&M keeps more of each £100 as pre-tax profit.

H&M or Matalan: which is bigger?

H&M, with turnover of £1,368m against £987m at Matalan on their latest filings. On margin, H&M keeps more of each £100 as pre-tax profit.

H&M or New Look: which is bigger?

H&M, with turnover of £1,368m against £688m at New Look on their latest filings. On margin, H&M keeps more of each £100 as pre-tax profit.

Zara UK or TK Maxx: which is bigger?

TK Maxx, with turnover of £4,354m against £1,771m at Zara UK on their latest filings. On margin, Zara UK keeps more of each £100 as pre-tax profit.

Zara UK or ASOS: which is bigger?

ASOS, with turnover of £2,478m against £1,771m at Zara UK on their latest filings. On margin, Zara UK keeps more of each £100 as pre-tax profit.

Zara UK or River Island: which is bigger?

Zara UK, with turnover of £1,771m against £478m at River Island on their latest filings. On margin, Zara UK keeps more of each £100 as pre-tax profit.

Zara UK or Matalan: which is bigger?

Zara UK, with turnover of £1,771m against £987m at Matalan on their latest filings. On margin, Zara UK keeps more of each £100 as pre-tax profit.

Zara UK or New Look: which is bigger?

Zara UK, with turnover of £1,771m against £688m at New Look on their latest filings. On margin, Zara UK keeps more of each £100 as pre-tax profit.

TK Maxx or ASOS: which is bigger?

TK Maxx, with turnover of £4,354m against £2,478m at ASOS on their latest filings. On margin, TK Maxx keeps more of each £100 as pre-tax profit.

TK Maxx or River Island: which is bigger?

TK Maxx, with turnover of £4,354m against £478m at River Island on their latest filings. On margin, TK Maxx keeps more of each £100 as pre-tax profit.

TK Maxx or Matalan: which is bigger?

TK Maxx, with turnover of £4,354m against £987m at Matalan on their latest filings. On margin, TK Maxx keeps more of each £100 as pre-tax profit. The full head to head is in the VS Series. Read the VS page →

TK Maxx or New Look: which is bigger?

TK Maxx, with turnover of £4,354m against £688m at New Look on their latest filings. On margin, TK Maxx keeps more of each £100 as pre-tax profit.

ASOS or River Island: which is bigger?

ASOS, with turnover of £2,478m against £478m at River Island on their latest filings. On margin, River Island keeps more of each £100 as pre-tax profit.

ASOS or Matalan: which is bigger?

ASOS, with turnover of £2,478m against £987m at Matalan on their latest filings. On margin, Matalan keeps more of each £100 as pre-tax profit.

ASOS or New Look: which is bigger?

ASOS, with turnover of £2,478m against £688m at New Look on their latest filings. On margin, New Look keeps more of each £100 as pre-tax profit.

River Island or Matalan: which is bigger?

Matalan, with turnover of £987m against £478m at River Island on their latest filings. On margin, River Island keeps more of each £100 as pre-tax profit.

River Island or New Look: which is bigger?

New Look, with turnover of £688m against £478m at River Island on their latest filings. On margin, River Island keeps more of each £100 as pre-tax profit. The full head to head is in the VS Series. Read the VS page →

Matalan or New Look: which is bigger?

Matalan, with turnover of £987m against £688m at New Look on their latest filings. On margin, Matalan keeps more of each £100 as pre-tax profit.

Where do these figures come from?

Each company's latest accounts filed at Companies House. Each links to its full Spark Intel profile, which names the filing it comes from.