CLOTHING retailer Next blamed cautious shoppers for a slowdown in sales at its high street stores since January.
The group cited "an underlying easing of consumer demand" for its poor performance and said it did not expect any big improvement in economic conditions for the next six months.
Sales in the 279 stores that were not affected by new openings declined 0.9 per cent in the seven weeks to March 20, compared with growth of 3.6 per cent during the previous year.
Next, which joins photographic specialist Jessops and health and beauty chain Boots in reporting a sales slowdown, admitted that some of its ranges were underperforming.
Details emerged as the company announced an 18 per cent rise in pre-tax profits to £423m for the year to January 31 on turnover that was 13 per cent higher at £2.86bn.
Chief executive Simon Wolfson said yesterday that rising costs meant a "more conservative approach" to price cuts was necessary, although Next would stick with its strategy of opening stores.
He said: "We will place even greater emphasis on controlling costs in the business, but will not sacrifice the long-term prospects of the company in return for short-term cost savings."
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