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Future of British Business

Next Cuts Guidance as Inflation Weighs on UK Consumers

  • Retailer’s full-price sales expected to drop in second half
  • Predicting sales trends unusually difficult, CEO says
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Next Plc issued its second profit warning this year due to soaring inflation and a devaluation of the pound which has undermined consumer confidence. 

The British clothing and housewares chain said Thursday that profit for the year will total £840 million ($905 million), compared with previous guidance of £860 million. Full-price sales in the second half are expected to drop 1.5% rather than climb 1%.