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Next profits set to drop 8% amid high street gloom

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Analysts predict Next will report a drop in full-year profits next week as the high street endures a gloomy period as a result of a decline in consumer confidence and spending. A consensus of City analysts are expecting an eight per cent fall in annual pre-tax profits to £725 million for the fashion retail giant, despite posting a rise in sales over the crucial Christmas trading period. Next said full-price sales in the 54 days to December 24 increased 1.5 per cent, ahead of expectations, with part of the improvement down to the colder weather leading up to Christmas

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Next profits set to drop 8% amid high street gloom

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