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Friday 24 November 2017

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Next warns of modest growth for new year

CLOTHES retailer Next has warned that sales and profit growth in the next year would be modest.

It cited concerns over the eurozone debt crisis, a credit squeeze and rising unemployment as reasons for the generally pessimistic outlook.

Shares in Next fell nearly 4pc after the company said it would meet profit forecasts for the year to the end of January, but expressed concern about the outlook for the following year.

"Our internal budgets for the year ahead show modest growth in overall Next brand sales with profit before tax only slightly up on this year," the company said.

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