Next’s store sales and profits keep falling

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Next says annual profits at its High Street stores have fallen by just over 20%, while online profits jumped by nearly 14%.

Sales in its stores fell nearly 8% to £1.95bn, while online sales rose by 14.7% to £1.92bn.

Overall, the company said group pre-tax profits were in line with expectations at £722.9m, a fall of 0.4%.

Total group sales, including the finance division, for the year to January rose by 2.5% to £4.22bn.

The group said 53% of its sales were now online.

It said the growth of online sales “represents a long-term threat to our retail business but potentially, a much larger opportunity for the group as a whole”.