High street giant Next cuts its sales targets for the year by £85m Yorkshire News

The London-listed company added that the dispute will wipe out around £10m of its forecast profit for the 2022-23 financial year.

It came as the retailer reported pre-tax profit rose 140% to £823m for the year to January, compared with a year earlier, with profit also 10% above pre-pandemic levels.

Next said this was fueled by a 12.8% rise in the brand’s full-price sales over the year compared to pre-pandemic levels.

Next President Michael Roney said: “2021 was another exceptionally productive year for Next as we worked hard to adapt and develop our business to enable us to maximize the opportunities of an increasingly online world.

“We enter 2022 confident in the prospects for our business and its ability to continue its successful evolution.

“The effects of the pandemic continue and we remain mindful of the macroeconomic and geopolitical risks, but our continued investment over many years in our people and systems has delivered strong and resilient results over the past year and we believe will continue to do so. then.”