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Next to hike prices by up to 8% outside Europe due to Iran war costs
Key takeaways
- The retailer said it is facing an additional £47m in costs this year due to higher fuel prices and disruption to global supply chains from the Middle East conflict.
- It said it would look to hike prices in some international countries from May, but said efforts to make cost savings would mean it does not need to push through extra price increases in the UK and Europe.
- Its forecast is based on the assumption that fuel costs remain around their current level, and supply chain issues neither worsen nor improve.
Why this matters: a developing story that could shape the day's news cycle.
Emer Moreau Business reporter Next plc Next said its UK sales were better than expected at the start of the year Fashion and homeware chain Next is to raise prices by up to 8% in some countries outside Europe as it anticipates millions of pounds in extra costs from the US-Israel war with Iran.
The retailer said it is facing an additional £47m in costs this year due to higher fuel prices and disruption to global supply chains from the Middle East conflict.
It said it would look to hike prices in some international countries from May, but said efforts to make cost savings would mean it does not need to push through extra price increases in the UK and Europe.
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