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UK's Next plans to go for growth
By James Davey |
September 16, 2010, Thursday
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Print Edition
Print Edition
NEXT, Britain's No. 2 fashion retailer, said its market had not worsened since August and appeared to be stabilizing as it met forecasts for first-half profit and outlined plans to grow earnings.
"In our August statement we said that we'd seen a cooling of demand. We haven't seen any further deterioration. The retail environment seems to be relatively stable," Chief Executive Simon Wolfson said yesterday.
Although results of UK retailers have generally started to improve following the recession, many experts think the sector faces a harsh winter as the government cuts spending and raises taxes.
Wolfson said Next would seek growth by increasing retail space, expanding its Next Directory home shopping business and investing overseas.
Next, which runs over 500 stores in Britain and Ireland, announced a 15 percent rise in pretax profit to 213 million pounds (US$331 million).
"In our August statement we said that we'd seen a cooling of demand. We haven't seen any further deterioration. The retail environment seems to be relatively stable," Chief Executive Simon Wolfson said yesterday.
Although results of UK retailers have generally started to improve following the recession, many experts think the sector faces a harsh winter as the government cuts spending and raises taxes.
Wolfson said Next would seek growth by increasing retail space, expanding its Next Directory home shopping business and investing overseas.
Next, which runs over 500 stores in Britain and Ireland, announced a 15 percent rise in pretax profit to 213 million pounds (US$331 million).
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