Next expects price increases to continue this year. Could other retailers follow?
Discount retailer B&M said that comparable sales rose across its shops by 6.4%, suggesting that more customers are prioritising value as prices continue to rise at their fastest rate for almost 40 years.
With about 500 stores across the UK, the Next group said sales across its brick-and-mortar shops were strong across the festive trading period.Next said sales across its brick-and-mortar shops were strong across the key festive trading period. Shopper footfall in December was up 5.8% on the month before and 9.9% higher than a year before, it said.
But he pointed out Next now anticipates a drop in both sales and profits for the coming year. "The retailer expects the real pain to come in 2023," he said.Mr Crouch said: "Next is often seen as a bellwether of the High Street... you can guarantee many retailers will be in much worse positions."
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