Next says price rises will be less than expected this year

High Street retailer Next has said it volition enactment up its prices by little than expected this year.

In January, the concatenation warned of an 8% terms hike this outpouring and summer, and a further 6% summation this autumn.

But connected Wednesday it said terms rises successful the 2nd fractional of 2023 would beryllium little steep than antecedently thought owed to falling shipping and accumulation costs.

It came arsenic the retailer reported a large emergence successful income and profits for the twelvemonth to January.

On Tuesday, the retailer besides announced it would bargain the Cath Kidston manner marque for £8.5m, but not its shops.

Next has astir 500 stores and trades online. It is often considered a bully indicator of however the British High Street is doing.

It said it present expected terms rises of 7% successful the outpouring and summertime of 2023 and 3% successful the autumn and winter.