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Next says price rises will be less than expected this year Next says price rises will be less than expected this year
(32 minutes later)
High Street retailer Next has said it will put up its prices by less than expected this year.High Street retailer Next has said it will put up its prices by less than expected this year.
In January, the chain warned of an 8% price hike this spring and summer, and a further 6% increase this autumn. It said it now expected prices to rise by 7% in the spring and summer of 2023, and 3% in the autumn and winter - slightly less than the increases it warned of in January.
But on Wednesday it said price rises in the second half of 2023 would be less steep than previously thought due to falling shipping and production costs. The retailer credited falling shipping and production costs for the change.
It came as the retailer reported a big rise in sales and profits for the year to January. It came as Next reported a 5.7% rise in pre-tax profits to £870.4m for the year to January.
On Tuesday, the retailer also announced it would buy the Cath Kidston fashion brand for £8.5m, but not its shops.On Tuesday, the retailer also announced it would buy the Cath Kidston fashion brand for £8.5m, but not its shops.
Next has about 500 stores and trades online. It is often considered a good indicator of how the British High Street is doing.
The retailer had already put up its prices in 2022 due to rising production costs.
And in January it said prices would have to rise again by 8% this spring and summer, and by a further 6% this autumn.
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