Next prediction proved right as sales growth slows

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Same-store sales fell 3.3%, while Next Directory sales rose 7.9%, giving total Next brand sales growth of 2.2%.

Chief executive Lord Wolfson said: "Things are slowing down but sales are still moving forward. There was no noticeable difference between before and after the Comprehensive Spending Review.

"People are more affected by their monthly credit card bill than they are by what they see on the television," he added.

Profits for the year to end-January were expected to come in at between £535 million and £560 million with earnings likely to rise by between 14% and 19% a share.

Matthew McEachran, retail analyst at Singer Capital Markets, said today's update showed Next "performed reasonably well".

"But sales were not quite as good as hoped. With tougher comparatives to come, sales will probably fade down the guided second half range over the course of the final quarter," he added.