Friday, 23 March 2018

Annual profits at Next admits toughest trading period 'for 25 years'



Annual profits at Next have fallen 8% after what the retailer described as its most challenging year for 25 years.

 
The company said pre-tax profits dropped to £726.1m in the 12 months to January, marking the second year in a row that profit has declined.


Next said that sales of full-priced products at its stores tumbled in contrast to online demand.

  
It blamed "a weak clothing market" as well as "self-inflicted product ranging errors and omissions".


Full priced sales at its shops fell by 7% but rose by 11.2% online. Total revenue for the year fell by 0.5% to £4.1bn.
Next's chief executive, Lord Wolfson, said that "in many ways 2017 was the most challenging year we have faced for 25 years".


He said that while it had been uncomfortable, "it has also prompted us to take a fresh look at almost everything we do" including the structure of its shop portfolio and the "in-store experience".




BBC           News.