UK Retailer Next Warns of £15M Cost Hike Amid Middle East Conflict
Next, a leading UK clothing and homeware retailer, has warned that the ongoing war in the Middle East could add £15 million to its costs, potentially leading to price increases if the conflict persists.
Next, a leading UK clothing and homeware retailer, has warned that the ongoing war in the Middle East could add £15 million to its costs, potentially leading to price increases if the conflict persists. The company is working on the assumption that the war will last for three months, and it is currently offsetting the additional costs on fuel and air freight with savings elsewhere.
In a statement, the retailer said it does not expect any impact on its profits for the year ahead. However, the company cautioned that if the conflict continues beyond the three-month timeframe, it may have to pass on the increased costs to consumers through higher prices.
Source: The Guardian
