Retail giant Next braced for 'tougher times' after poor festive performance

High street giant Next says it is bracing for "tougher times" in 2017 after a worse-than-expected festive performance.

Sales for the Leicestershire-headquartered retailer fell 0.4% in the 54 days before December 24, defying hopes of a fourth quarter turnaround. Its end-of-season clearance sales fell by 7%.

Next said profits for the year to January 2017 were expected to fall by around 3.6%, and sales and profits would remain under pressure in a "challenging" year ahead.