Wolfson said there had been “no significant change” in the mood on the high street since the Brexit vote, but given the weakness in the pound since the referendum he estimated costs could rise “by less than 5% on like-for-like products” from next year.
Sales in Next stores fell 3.3% in the second quarter, while directory revenue was up 5.7%, which Wolfson put down largely to unpredictable weather.
Next narrowed its full-price sales guidance for this year to between a 2.5% fall and 2.5% growth.
