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High Street retailer Next will put up its prices by “less than expected” this year

Business / Wed 29th Mar 2023 at 07:08am

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. 

The retailer credited falling shipping and production costs for the change. 

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.

The retailer had already put up its prices in 2022 due to rising production costs. 

And in January it said prices would have to rise again by 8% this spring and summer, and by a further 6% this autumn.

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