Next warns of higher prices as costs rise
Business / Thu 6th Jan 2022 am31 08:48am
NEXT has said it will raise its prices this year to offset increased wages as well as higher shipping and manufacturing costs.
The retailer said prices for its spring and summer ranges would rise by 3.7%, while it expects a 6% increase for its autumn and winter goods.
Its forecast came as it said sales for the three months to 25 December were up 20% compared with pre-pandemic 2019.
Next also upped its profit forecast for the year.
It now expects to make an extra £22m, taking annual profits to £822m, which would be nearly 10% higher than in 2019.
Pay the appropriate fair wage , stop feeding shareholders using cheap/slave labour.
Will Next state whether they have joined other clothing brands such as Primark in shouldering the burden of clothing factory safety checks in Bangladesh? This followed the collapse of the building that housed multiple clothing factories at Rana Plaza in Dhaka, Bangladesh back in 2013. The collapse killed a total of 1,135 people and injured more than 2,500, most of whom were women and children. In 2018, an Independent news article said Next were amongst a group of companies reluctant to sign up to negotiations on a renewed supply chain health and safety inspection regime. By 2021 the original safety inspection accord, signed by major clothing brands in 2013, had expired. Next were among a small group of companies that had not renewed their commitment to worker safety in Bangladesh. See Guardian article from September 2021: https://www.google.com/amp/s/amp.theguardian.com/business/2021/sep/01/uk-brands-yet-to-sign-accord-on-bangladesh-garment-workers-safety-primark-next-jd-sport Will Next clarify whether it continues to put profits before workers safety?