Next warns on clothing costs rise

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Next has said clothes prices are likely to rise by nearly 8% early next year because of higher cotton costs.

Next also released sales figures for the third quarter to October 30 revealing that 3rd quarter sales were at the upper end of guidance at 2.2%. A strong performance from online business, Next Directory, and the continued addition of profitable new retail space more than made up for Next Retail like for likes which fell by 3.3%.

For the last quarter Next says that it is keeping with its sales guidance range of 0% to +3%, although the fourth quarter presents tougher comparatives than the third and it may not maintain the current position at the upper end of the range.

The Group says that the full year outlook remains on track and it is reiterating a profit in the range of £535m to £560m.

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