LONDON, March 23 Next reported a 3.8
percent fall in annual profit on Thursday, meeting its latest
guidance, and said it remained "extremely cautious" about
prospects for 2017.
The clothing retailer, which warned on earnings in January,
said on Thursday it made an underlying profit before tax of
790.2 million pounds ($988.2 million) in the year to January
That compared to Next's own guidance of 785-799 million
pounds, analysts' average forecast of 793 million pounds and
821.3 million pounds made in 2015-16.
"The clothing sector faces three potential threats: a
sectoral shift away from spending on clothing, price inflation
as a result of sterling’s devaluation and potentially weaker
growth in real incomes in the wider economy," Next said.
Next did, however, maintain the guidance it issued in its
January trading statement for the 2017-18 year.
(Reporting by James Davey. Editing by Jane Merriman)