Inditex exit

that only 245 shops would finally be affected by the sale, which was announced in October while still awaiting the Russian government’s definitive agreement. Inditex reported that it had lost €840 million on its Russia investment totalling €1.02 billion, with the €183 million difference

REPORTING a record annual profit of £870 million (€994.65 million, Next announced that it expected to raise prices more slowly as inflation eased.

The company’s profits rose by 5.7 per cent in the year that ended on January 31, while its total sales from trading of £5.1 billion (€5.8 billion) were 8.4 per cent up on the previous year.

The clothing and homeware retailer also warned that 2023 would be “very challenging” as its customers coped with the cost of living crisis.

In consequence Next said that sales were forecast to fall by 1.5 per cent, while it also foresaw that profits would drop back.

Real & unreal

corresponding to the sale of its shops via the recentlyauthorised operation.

According to an October 2022 report by the online specialist publication, Retail Detail, the Doher real estate group also owns the Inditex franchise rights in the Middle East and North Africa.