Jan 4, 2017

Next shares drop after warning of difficult winter

Next shares have fallen sharply after the retailer cut its full-year profit guidance following a "Difficult" winter season and warned next year would be worse still as inflation begins to bite. The retailer sought to calm investors with a plan to return about £250m of surplus cash to investors via four special dividends next year. Next said it expected full-year profit to be £792m, towards the bottom of its previously guided range, and said it expected a further fall of between 2 and 14 per cent next year. On Wednesday Next said it expected "Another challenging year" and was preparing for "Tougher times". Next has said it will raise prices to cover higher import costs following Britain's vote to leave the EU, and that consumers can expect pay 5 per cent more than last year for an identical garment.

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