Connect with us

Trading

Next’s 2022 trading outlook dependent on UK wage inflation -CEO

Next's 2022 trading outlook dependent on UK wage inflation -CEO 1

LONDON (Reuters) – The trading outlook for British clothing retailer Next in 2022 is very dependent on what happens to wage inflation, its boss said on Thursday.

“A lot depends on what happens to wage inflation,” Simon Wolfson told Reuters after Next reported better-than-expected Christmas trading.

“The positive for retail is that we can adjust our pricing. So if wage inflation is in line with our price increases, I don’t think it will be, but if it is then it’s not going to be nearly as much of a problem as if wage inflation is a long way behind our prices,” he said.

Wolfson added that wage price inflation is a bad thing for the economy as a whole – “so I’m not advocating it in any way.”

Next forecast its prices would rise 3.7% in the first half of 2022 and 6.0% in the second half due to higher freight rates and increased manufacturing costs.

(Reporting by James Davey, Editing by Paul Sandle)

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Advertisement

Newsletters with Secrets & Analysis. Subscribe Now