Next has reported its first fall in annual pre-tax profits in eight years and warned of another tough year to come. Profits fell 5.5% to £790m as full price sales dropped 1.3% during the year to January, the fashion retailer said. Chief executive Lord Wolfson said: "The year ahead looks set to be another tough year for Next. But there was reassurance for investors as the company did not change its profit guidance for the current financial year. The retailer confirmed that it had hiked prices by 4% on average for the first half of the current year.
according to Next has released its annual financial results, reporting the first drop in annual profits for eight years and confirming predictions of a difficult period for the fashion retailer. Today's results compound these fears, with Next's chief executive Lord Wolfson warning of another difficult year for retailers ahead. Underlying pre-tax profits dropped by 3.8 per cent to £790.2 million for the year to January, marking the first decline since 2008 in the depth of the credit crash. We will continue to focus on improving the company's product, marketing, services, stores and cost control." Prices at the retailer were confirmed to have risen by four per cent to account for the rising cost pressures brought on by the Brexit vote.
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collected by :Jack Luxor
according to Next has released its annual financial results, reporting the first drop in annual profits for eight years and confirming predictions of a difficult period for the fashion retailer. Today's results compound these fears, with Next's chief executive Lord Wolfson warning of another difficult year for retailers ahead. Underlying pre-tax profits dropped by 3.8 per cent to £790.2 million for the year to January, marking the first decline since 2008 in the depth of the credit crash. We will continue to focus on improving the company's product, marketing, services, stores and cost control." Prices at the retailer were confirmed to have risen by four per cent to account for the rising cost pressures brought on by the Brexit vote.
according to
Next sees first annual profit fall in eight years
Image copyright NewscastNext has reported its first fall in annual profit for eight years and warned of "another tough year ahead". Pre-tax profit at the clothing and homeware retailer dropped 5.5% from £836.1m to £790.2m last year. The firm, which had already warned profits would fall, said it remained "extremely cautious" about trading. The profit drop in 2016 was the first for the retailer since the financial crisis of 2008. It said shoppers were shifting their spending away from clothing, at the same time as inflation was rising and incomes were being squeezed.read more visit us profit
collected by :Jack Luxor
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