Annual profits fell by 8.1 per cent in the 12 months to January
Fashion retailer Next has reported a second successive set of falling annual profits amid a ‘weak clothing market’ as well as ‘self-inflicted product ranging errors and omissions’.
The company said its annual profits fell by 8.1 per cent while its pre-tax profits dropped to £726.1m in the 12 months to January.
The FTSE 100 retailer said it had experienced its toughest period in a quarter of century and also warned of more “challenging” times to come.
Chief executive Simon Wolfson explained: “A difficult clothing market coincided with self-inflicted product ranging errors and omissions…At the same time, the business has had to manage the costs, systems requirements and opportunities of an accelerating structural shift in spending from retail stores to online.”
The group left its total dividend unchanged at 158p.