Next to raise prices on clothing and homeware

Next reported stellar sales amid the pandemic, seeing a 20 percent growth in occasionwear, a 45 percent increase in its online business, even upping its forecast to 822 million pounds profit, a near 10 percent rise over 2019.

Yet despite its strong sales, the British retailer is seeing a surge in costs for shipping, operations and manufacturing, resulting in price hikes of its spring and summer collections and homeware ranges by 3.7 percent and 6 percent increase for its autumn and winter season goods.

According to the BBC Next also faces increased wage costs, as a result of the increase in the National Living Wage and because of staff shortages in some areas, “most notably in warehousing and technology”.

Next’s price increases were announced as the British Chambers of Commerce warned UK firms are facing “unprecedented” cost pressures with a record proportion expecting to put up prices over coming months.

According to Sky news, UK inflation is currently at a ten-year high and is expected 6 percent by the spring, the highest level since the 1990s.