In its results for the half-year ending July 2022, the retailer said it had downgraded full-year profit guidance to £840m from £860m and revised its full-year sales target by 2% as boss Wolfson warily eyed the possibility of a double-pronged financial crisis in the UK stretching into next year. 

Next said it was currently experiencing inflation of around 8% on products for its autumn and winter 2022 lines as it had predicted.