Next announces major change as shop confirms two price increases this year

05.01.2023 - 17:45 / dailyrecord.co.uk

Next has warned its shoppers that it will be raising its prices this year, despite seeing a boost in its sales over the Christmas period.

The British high street giant has today confirmed that shoppers can expect to find higher prices on its clothing in a change that will affect every UK store.

The fashion and homeware chain has announced that prices will rise by eight percent in the spring and summer before increasing a further six percent in autumn and winter.

In a financial update this morning, Next said that an increase in operating costs and the price of goods were partly to blame for the change.

This is the second time in less than a year that the retailer has had to raise its prices, after it increased costs by six percent in March 2022.

Next joins a list of other retailers including McDonald's and Greggs who have had to increase costs due to the soaring rate of inflation.

It comes just after the retail chain confirmed a strong performance in Christmas sales, with both online and retail sales performing well for the brand.

Despite a strong end to 2022, Next has said it remains "cautious" over the year ahead as demand has been impacted by the rising cost of living, rising mortgages and its own rising prices.

The retailer said: "Both online and retail exceeded our full price sales expectations, with retail being particularly strong.

"We think that we underestimated the negative effect Covid was having on our retail sales last year."

News of the price rises comes just after it was announced that Next, which owns around 510 UK stores, saved rival Joules from administration in a multimillion pound rescue deal.

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