Business

Next sees first annual profit fall in eight years

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Newscast

Next has posted its first fall in annual profit for eight years and has warned of “another tough year ahead”.

Pre-tax profit at the clothing and homeware retailer dropped 5.5% from £836.1m to £790.2m last year.

The firm, which had warned profits would fall, said it remained “extremely cautious” about trading.

It said shoppers were shifting their spending away from clothing, at the same time as inflation was going up and incomes were being squeezed.

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