Next’s shares sink on profit warning
UK retailer Next sees a steep fall in its shares after its cautious outlook and an earnings decline forecast for 2023-24.
Next shares fall
Next PLC shares are sinking after it announced a profit warning. The UK retailer says it sees profit falling. This is even though it sees UK inflation in the spring/summer and the autumn/winter period. The boss of Next said he did not think the downturn in the UK economy would be long lasting.
Downturn duration
Recent gauges of Britain's economy have suggested it could sidestep a long-lasting downturn that had been widely predicted last year. But many retailers have found it tough, unless you operate in the pet retail space. The weakness in retail has been broad based, from grocers to clothing retailers.
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