Next to cut prices as profits beat forecasts

Retailer giant Next has said it will lower prices for shoppers as it brushed off Red Sea shipping disruption and notched up a better-than-expected annual profit

This was better than the £905 million it had recently guided for, thanks to better-than-forecast stock clearance in the January sales, and comes after it had already upgraded its earnings guidance five times over the past year. It revealed the shipping woes are leading to delays of between seven and 10 days on some goods from the Far East, but said it is not seeing any “any material adverse impact” on its spring/summer ranges.

Next kept its forecast for sales and profit in the current year, with the group expecting a 4.6% rise in underlying pre-tax profits to £960 million and full price sales up 2.5%. “On the face of it, the consumer environment looks more benign than it has for a number of years, albeit there are some significant uncertainties,” Next said.

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