London: Next, a British clothing store, lowered its forecast for the whole year because sales in August were worse than expected and the cost of living is expected to rise in the coming months.
Next has about 500 stores and also sells online. On Thursday, the company said it now expects full-price sales in the second half to drop 1.5% and a full-year pretax profit of 840 million pounds ($905 million), which is up 2.1% from 2021-22.
It had previously predicted that full-price sales in the second half would grow by 1% and that the company would make a profit before taxes of 860 million pounds for the whole year.
Related: Britain’s Boohoo is cutting its outlook because people are spending less.
$1 is worth 0.9282 pounds.