Category Archives: Next

Next cheers retail sector with bumper profits and talk of falling prices

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Shares hit new high as chain says consumer backdrop is improving and ‘feels like it is now entering a new era’

Next said the prices it charges customers are falling this year, as the fashion and homeware retailer reported bumper profits and said the UK consumer backdrop was improving.

Simon Wolfson, the group’s chief executive, said that it had been “a long time” since the group had started a financial year in such a positive frame of mind after the positive sales and growth results for the year to January.

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Next upgrades profit forecast again as cool weather helps sales

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Retailer expects to make £10m more profit than previously predicted, taking full-year target to £885m

Next has upgraded annual profit expectations for the fourth time in five months after the arrival of cooler weather in late October helped bolster sales.

The retailer said it now expected to make £10m more profit than previously forecast, taking its full-year target to £885m, after full-price sales rose by 4% in the three months to the end of October – double the pace of growth anticipated.

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Lidl, Zara’s owner, H&M and Next ‘paid Bangladesh suppliers less than production cost’

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Survey of 1,000 factories for campaign group claims many cut rates in pandemic and have not increased them since

Lidl, Zara’s owner Inditex, H&M and Next have been accused of paying garment suppliers in Bangladesh during the pandemic less than the cost of production, leaving factories struggling to pay the country’s legal minimum wage.

In a survey of 1,000 factories in the country producing clothes for UK retailers, 19% of Lidl’s suppliers made the claim, as did 11% of Inditex’s, 9% of H&M’s and 8% of Next’s.

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Cold snap boosts pre-Christmas sales at Next

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Retailer reports much better than expected data in December but remains ‘cautious’ about 2023

Next has upped profit forecasts for the year by £20m after better sales than expected in the run-up to Christmas, but said it remained “cautious” about the year ahead.

The fashion and home retailer said sales had risen by 4.8% in the nine weeks to 30 December, well above predictions of a 2% fall, delivering £66m more sales than expected.

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Wall Street surges and dollar tumbles as US inflation rate drops to 7.7% – business live

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Dollar slides and stocks rally in New York on hopes that the Federal Reserve will slow its interest rate rises

The cost of living crisis is driving UK food banks to “breaking point” with almost 1.3m emergency parcels given to people over just six months.

The Trussell Trust charity has said families face record-breaking levels of need, with one in five individuals referred to its network now coming from working households.

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Made.com enters administration, putting about 500 jobs at risk

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Online furniture retailer’s brand, domain names and intellectual property bought by Next

The online furniture retailer Made.com has collapsed into administration after weeks of speculation, putting about 500 jobs at risk and leaving customers disappointed.

The company’s brand, domain names and intellectual property were immediately bought by the fashion and homeware retailer Next.

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Next and group of investment firms buy JoJo Maman Bébé

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Baby clothing and maternity wear retailer grew from kitchen table startup

The baby clothing and maternity wear retailer JoJo Maman Bébé – whose high-profile customers include the Duchess of Cambridge – has been snapped up by the high street company Next and a group of investment firms.

Laura Tenison, who started the business in 1993 from her flatshare kitchen table and turned it into one of the UK’s leading mother and baby retailers, said the new owners had “exciting plans to expand and grow the brand much faster than we ever could, giving us the opportunity to open in new markets”.

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