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Next Cuts Profit Forecast as War and Inflation Knock Confidence

  • Retailer sees profit 10 million pounds lower than estimated
  • Closing of websites in Ukraine and Russia impact business
Updated on

Next Plc lowered its profit and sales guidance for this year as the war in Ukraine and record inflation in Britain dimmed the retailer’s outlook. 

The clothing and housewares chain forecast a profit of 850 million pounds ($1.1 billion) in the year through January, a 10 million-pound drop on a previous estimate, in a statement Thursday. Often considered a bellwether for the state of British retail, Next’s more bearish outlook comes despite recent revenue in the U.K. being better than expected.