Business

Next full-year profits fall in 'challenging' year

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Next store in Manchester's Arndale CentreImage copyright
Next Plc

Annual profits at Next fell by 8.1% in what the High Street retail chain described as a “challenging” year.

The company said pre-tax profits dropped to £726.1m in the 12 months to January, marking the third year in a row that income has declined.

Next said that sales of full-priced products at its stores tumbled in contrast to online demand.

It blamed “a weak clothing market” as well as “self-inflicted product ranging errors and omissions”.

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