Salem Radio Network News Tuesday, December 6, 2022

Business

Britain’s Next cuts guidance on macro outlook

LONDON (Reuters) – British clothing retailer Next cut its guidance for the full year, saying August trading was below expectations and cost of living pressures are set to rise in the coming months.

Next, which trades from about 500 stores and online, said on Thursday it now expected full price sales in its second half to fall 1.5% and a full year pretax profit of 840 million pounds ($905 million), up 2.1% versus 2021-22.

It previously forecast second-half full price sales growth of 1% and a full year pretax profit of 860 million pounds.

($1 = 0.9282 pounds)

(Reporting by James Davey; editing by Jason Neely)

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