Britain’s Next Sees Lower Clothing Inflation, Shares Dip on Cautious Outlook

Signage on the exterior of a Next clothing retail store is seen in London, Britain, March 25, 2023. REUTERS/Toby Melville

British fashion retailer Next (NXT.L) reported a better-than-expected 5.7% rise in annual profit on Wednesday and said it would not need to increase prices by as much as previously thought.

However, it still expects higher spending on wages, energy and technology to reduce its profit this year, and the retailer's shares were down 6% in morning trading after it retained its cautious outlook.