Next profit boost, but boss fears slowdown

AT BEST WE EXPECT ANAEMIC GROWTH - WOLFSON

- By STAFF REPORTER

THE boss of retail giant Next has warned the UK faces years of “anaemic growth”, hampered by the government’s jobs tax rise and rising unemployment weighing on businesses and consumers.

Chief executive and Conservative peer Lord (Simon) Wolfson said the firm’s UK sales will be dragged down by falling shopper confidence in the face of a faltering jobs market after April's increase in national insurance contributions (NICs).

The fashion and homewares group, which has its headquarters in Desford Road, Enderby, saw shares fall more than 4 per cent in morning trading at the end of last week as the stark outlook for the UK economy overshadowed impressive half-year figures.

Next reported a 13.8 per cent rise in underlying pretax profits, to £515 million for the six months to the end of July as total full-price sales lifted 10.9 per cent.