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Next to report ‘first fall in full-year profits since 2009’

Next is set to report its first fall in full-year profits since 2009 with a 4% slump to £792m in the year to 31 January, according to reports.

Last year profits were £821.3m and Next chief executive Lord Simon Wolfson has said 2018’s profits could fall even further to between £680m and £780m, according to This is Money.

Lord Wolfson has pointed to a slowdown in consumer spending on clothes, as part of a cyclical move away from fashion. Next shares were trading at 3,778p by close of play on Friday, which is a 41% drop since this time last year, the newspaper reported.

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