Fashion retailer Next has announced an 8% reduction in pre-tax profits for the year to January 27th.
According to figures released by the retailer, full-price sales fell by 9.1%, while the online equivalent rose by 11.2%.
This is yet another example of the steady decline of the high street landscape, after the recent demise of high-profile brands like Toys’R’Us and Maplin.
Another retail giant, Carpetright, recently announced that up to 100 stores may be closed across the UK in an effort to ward off bankruptcy.