Next Faces £15M Hit from Iran Conflict, Profits Still Strong

0:00It's March 26. This is Europe news today, driven by AI tracking Europe in real time. Fashion retailer. Next is facing a 15 million pound hit from the ongoing conflict in Iran, mainly due to higher fuel and air fray costs from. Shipping disruptions in rising oil prices. Despite this, the company reported stronger than expected annual profits, up 14.5% to 1.16 billion pounds. The chain has set aside that cash provision, assuming the war lasts three months, and they've offset it so far, with savings in other areas, keeping. Their profit guidance intact for now. Middle East markets make up about 6% of next sales, and the tensions there are already slowing growth while pushing up costs that could, affect prices, and demand across the business. Next trim its international sales forecast to 14.3% growth this year from 16.5%. The boosted UK, expectations to 2.2% after solid early results, overall sales should still

1:03rise 4.5%. If the conflict drags on past summer, expect price increases and potential supply chain issues that might dampen consumer spending, leaving the full, pictures still up in the air.