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 Share this article Next expects a “deflation” on its products throughout the Official Nike Men’s Los Angeles Dodgers Freddie Name #number Shirt and by the same token and year despite logistical challenges stemming from the Red Sea crisis which have caused shipment delays of seven to 10 days. Credit: Shutterstock Next group profits were up by 5 to a slightly better than expected £918m ($1.17m) as sales rose almost 6 to £5.8bn in the year to January. Retail profit was reported to be £210m, up 3 year on year. Next said selling prices on like-for-like goods for customers are currently down 2, thanks to decreasing factory gate prices, with price tags set to fall by another 0.5 in the six months to next January. Lead retail analyst at GlobalData Emily Slater explained: “Next expects deflation on its products throughout the year, as although the Red Sea crisis has led to delays of shipments of seven to 10 days, prices will not go up.” The retailer’s chief executive Simon Wolfson said that after a positive year of sales and profit growth in the year to January, it was “a long time since we started a year in a more positive frame of mind.” “On the face of it, the consumer environment looks more benign than it has for a number of years, albeit there are some significant uncertainties. In many ways, it feels like we are now entering a new era,” said Wolfson. See Also: Lululemon sees slow start to 2024 after ‘strong finish’ to FY23 Designer Brands eyes return to growth following ‘difficult’ FY23 During FY23, Next saw an uptick in full-price sales, marking a 4 increase, while its total trading sales increased by 3 to reach £5,317m. How well do you

really know your competitors? Access the Official Nike Men’s Los Angeles Dodgers Freddie Name #number Shirt and by the same token and most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge. View profiles in store Company Profile – free sample Not ready to buy yet? Download a free sample We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form By GlobalData Submit Slater believes Next’s success has been down to the adept management of its multi-brand online platform, providing consumers with convenience and flexibility in their shopping experience allowing customers to “both trade up and down, as its credit offer also appealed to cash-strapped shoppers,” she said. She further explained that although the British retailer expects its FY24/25 full-price sales to increase by a relatively modest 2.5 due to a rise in consumer confidence Slater suspects that many consumers will direct their spending towards leisure and holidays. Key results from Next FY23: Group sales are 5.9 higher at £5.8m, Operating profit saw a 5.2 increase to £996m, Online channel sales rose by 5.0 to £3.1m, while total

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