Experts predict fall in profits at Next
19th March 2018
High street fashion giant Next is expected to report an eight per cent fall in profits when its full-year results come out on Friday.
Retail Gazette says it is expected to report pre-tax profits of £725 milllion despite a rise in sales over Christmas.
Next is feeling the effects of the chilly economic winds blowing through UK high streets at the moment.
Toys R Us and electronics retailer Maplin went into administration and profit warnings have been made by Debenhams, Mothercare and Carpetright.
The leading grocery chains have also announced job cuts during a difficult time for the retail sector.
Next is building a new superstore on the former cinema site off St Ann Way opposite Gloucester Quays Outlet Centre.
The giant Next store will cover 28,000 square feet with two mezzanine floors and balcony overlooking the Gloucester and Sharpness Canal with a café.
It will be clad in stone and glass with an atrium and is part of the £14 million make over for the Peel Centre which is starting to look its age.
The Peel Centre and Gloucester Quays are owned by the Peel Group and the new Next store will create 100 jobs. It is due for completion later this year.
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