Next is facing a £67 million surge in wage costs for the year to January 2026, which will escalate to £73 million due to increases in employer national insurance and minimum wage.
Chief Executive Lord Simon Wolfson noted, "It's these jobs that are most likely to be lost in the economy." He acknowledged the serious nature of cost increases but stressed the firm's strategy will help maintain profits.
Charlie Huggins from Wealth Club highlighted that Next’s online sales experienced significant growth during the fourth quarter, indicating its capability to adapt and thrive despite challenging forecasts for the year ahead.
The Autumn Budget poses substantial challenges for the retail sector, with heightened employee costs that many may struggle to absorb. However, Next’s resilience and efficiency give it an edge in preserving profitability.
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