Lower shipping costs and factory prices means increases will be lower this year, the Leicestershire-based retailer says
High Street retailer Next has said it will put up its prices by less than expected this year.
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.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.
Next has about 500 stores and trades online. It is often considered a good indicator of how the British High Street is doing.And in January it said prices would have to rise again by 8% this spring and summer, and a further 6% increase this autumn.
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