Jan 6, 2022
Next warns of higher prices as costs rise
Image source, Next.Next has said it will raise its prices this year to offset increased wages as well as higher shipping and manufacturing costs. Its forecast came as it said sales for the three months to 25 December were up 20% compared with pre-pandemic 2019.Next also upped its profit forecast for the year. It now expects to make an extra £22m, taking annual profits to £822m, which would be nearly 10% higher than in 2019.The retailer said sales in the final quarter of 2021 had been boosted by strong revival in "Formal and occasionwear". Next's online business saw sales soar by 45% from two years ago, whereas sales at its High Street stores were down 5.4%.The company is forecasting sales of full-price goods to rise by 7% overall in 2022, but it warned that this year could see a tougher trading environment, given the financial pressures facing households, such as higher energy bills. The company said it had faced higher shipping and manufacturing costs.
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