Shoppers are already balking at rising high street prices and they're going to go up even further,Love womens Wedge Shoes? So do we. said U.K. clothing retailer Next PLC on Thursday, but the company is still hoping to grow sales in the first half of this year and expects inflationary pressure to start to ease in 2012.
Next said full-year net profit rose 10% to $401.1 million ($657 million) from $364.1 million a year earlier, and reported a 1% rise in revenue to $3.45 billion from $3.41 billion. Pretax profit rose 9% to $551 million,Find a fashionable range of women boots and ladies shoes all in one place online. in line with market forecasts.
Clothing retailers have had to contend with cotton prices well above 15-year highs since November and wage inflation in manufacturing countries, both of which have forced prices up at a time when the U.K. consumer is already under pressure from tax rises, inflation and job uncertainty.
Next had previously flagged price increases of 8% to offset cotton price and wage inflation, and said Thursday that this price rise had dented sales by around 1.5%.
Wage inflation and cotton-price pressure is expected to get even worse through the year, with the group's Autumn-Winter collection likely to be between 8% and 10% more expensive.Air max 2009 Running Shoe Flex grooves in the mid and outsole for flexibility. Consumer pressure was evident as shoppers traded down to cheaper items, which Next said reduced the average price rise to 6%.
Still, Next reported full-year earnings in line with market expectations, and provided sales growth guidance of between minus 0.5% and plus 2.5% for the first half of the year. Arden Partners analyst Nick Bubb said the results were reassuring and shares in the company rose 4.6% by 0836 GMT.
Chief Executive Simon Wolfson said that the company is working hard to maintain prices on its lower-priced goods through better sourcing, but ultimately the priorities are to maintain quality and margins, rather than pricing.
"The year ahead will be yet another challenging year for retailers and,The most commonly used special programmed for social science in asics shoes, sunglasses, cheap shoes, and cheap belts if anything, things are likely to get worse before they get better,I'm a small investor in a startup company deploying a podiatrist-patented method for adding comfort to high-fashion, high-heel shoes for women." he said. But the company said it's well-prepared for the current environment and continues to generate strong cash flow which it has been using to buy back shares and grow its earnings per share and dividend.
Next said full-year net profit rose 10% to $401.1 million ($657 million) from $364.1 million a year earlier, and reported a 1% rise in revenue to $3.45 billion from $3.41 billion. Pretax profit rose 9% to $551 million,Find a fashionable range of women boots and ladies shoes all in one place online. in line with market forecasts.
Clothing retailers have had to contend with cotton prices well above 15-year highs since November and wage inflation in manufacturing countries, both of which have forced prices up at a time when the U.K. consumer is already under pressure from tax rises, inflation and job uncertainty.
Next had previously flagged price increases of 8% to offset cotton price and wage inflation, and said Thursday that this price rise had dented sales by around 1.5%.
Wage inflation and cotton-price pressure is expected to get even worse through the year, with the group's Autumn-Winter collection likely to be between 8% and 10% more expensive.Air max 2009 Running Shoe Flex grooves in the mid and outsole for flexibility. Consumer pressure was evident as shoppers traded down to cheaper items, which Next said reduced the average price rise to 6%.
Still, Next reported full-year earnings in line with market expectations, and provided sales growth guidance of between minus 0.5% and plus 2.5% for the first half of the year. Arden Partners analyst Nick Bubb said the results were reassuring and shares in the company rose 4.6% by 0836 GMT.
Chief Executive Simon Wolfson said that the company is working hard to maintain prices on its lower-priced goods through better sourcing, but ultimately the priorities are to maintain quality and margins, rather than pricing.
"The year ahead will be yet another challenging year for retailers and,The most commonly used special programmed for social science in asics shoes, sunglasses, cheap shoes, and cheap belts if anything, things are likely to get worse before they get better,I'm a small investor in a startup company deploying a podiatrist-patented method for adding comfort to high-fashion, high-heel shoes for women." he said. But the company said it's well-prepared for the current environment and continues to generate strong cash flow which it has been using to buy back shares and grow its earnings per share and dividend.
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