Next reported a 6% increase in full-price sales during the crucial Christmas trading period, surpassing expectations. This growth is primarily attributed to robust online and international sales.
Despite raising annual pre-tax profit guidance to £1.01 billion, Next expressed caution over rising wage costs, indicating a £73 million full-year increase that could affect prices.
To mitigate wage cost increases, Next plans to raise prices by 1%, warning investors that higher employer taxes may negatively impact UK economic growth and consumer spending.
Although Next’s Christmas sales appeared strong, the British Retail Consortium highlighted concerns about overall retail performance, citing mild weather and reduced consumer confidence affecting the market.
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