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 21/03/2012Telegraph - Next cautious despite rise in profits after 'perfect storm'  
 
 

Next cautious despite rise in profits

 
 The company said on-going constraints from high UK unemployment, tight consumer lending and the ongoing eurozone debt crisis outweighed "much of the upside potential for 2012" and meant it was "budgeting cautiously" for the coming year.

Investors focused on the company's gloomy outlook - marking the shares down 1.2pc in early trading - and shrugged off a 6.6pc rise in pre-tax profits in the year the January to £579.5m.

Profits were driven by continued growth in Next Directory, its online business which now accounts for nearly a third of the company's revenue. Total group revenue increased 4.3pc to £3.44bn.

The company said in a statement that it had "performed remarkably well" last year in the face of a "perfect economic storm", with shoppers' wary of spending due to high inflation, low growth in wages and limited growth in consumer credit" and higher cotton and other costs.
 
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