Successful Next warns of tough times ahead

28 March 2016 - Janet Bird

Successful Next warns of tough times ahead

Next has marked the end of a successful year by warning of tough times ahead.

The high street retailer saw full year profits rise five percent for the 12 months to the end of January 2016.

Pre-tax profits rose to £821.3 million from £782.2 at the end of January 2015, while total Next brand sales increased from £3.8bn to £4.03bn over the same 12 month period.

Despite this, Next Chief Executive Lord Wolfson warned that the outlook for consumer spending does not look "as benign as it was this time last year".

He warned that "economic and cyclical factors" would work against the company in 2016.

With this in mind, Next is predicting profits for the 2016-17 financial year of between £784 million to £858 million.

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