Retailer Next trims forecasts and warns on sterling weakness

Next has pared back its full-year forecasts and warned that the weakness of sterling will inflate selling prices further next year. Full-price sales in the second half of the year are forecast to fall 1.5 per cent against previous expectations of a 1 per cent rise. "Looking into next year it now looks as though the weakness of the pound, if it continues, will serve to inflate selling prices, particularly in the second half of the year," it added. Next had already indicated that clothing prices would rise by about 6 per cent this autumn because of higher factory gate and freight costs. The pound has shed about a fifth of its value against the dollar this year, while shares in Next have declined about a third over the same period.

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