Next warns weaker pound could prolong cost of living pressures

Next has warned that the weaker pound seen in the wake of the mini-budget could prolong cost of living pressures. The retailer said that most clothing and homeware factories price their goods in dollars, meaning costs were likely to continue rising next year. Its profit before tax climbed 16% to £401m. Next, a chain of about 500 stores in the UK, suggested that the weaker sales during August could have been down to the heatwave following its summer sale, more customers taking holidays abroad after travel restrictions had eased, and concerns around higher prices starting to build. In its statement, Next also said that weakness in the pound - which touched an all-time low against the dollar earlier this week - could persist into 2023 and would "Serve to inflate selling prices, particularly in the second half of the year". Next warned that it could even see prices get worse in the second half of next year.

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