"Next now expects the conflict in Iran to cost £47m this financial year, a significant increase from the £15m estimate provided in March, indicating the escalating impact of geopolitical instability on global supply chains."
"The company plans to raise prices by up to 8% in some international markets to offset rising transport and energy costs, while UK prices are expected to remain broadly stable with no increase beyond the 0.6% already forecast."
"Chief executive Lord Simon Wolfson stated, 'We plan to mitigate the ongoing cost increases caused by the conflict in the Middle East with a combination of moderate price increases in some international territories and operational cost savings.'"
Next anticipates a £47m financial impact from the Iran conflict, significantly up from a previous estimate of £15m. Rising transport and energy costs are driving price increases of up to 8% in some international markets. Despite these challenges, UK prices are expected to remain stable, with only a 0.6% increase already forecast. The company upgraded its full-year profit guidance to £1.22bn, citing strong trading performance and a 6.2% rise in full-price sales in the first quarter.
Read at London Business News | Londonlovesbusiness.com
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