Next shares plunge on Christmas scare for UK shops

Shares in fashion retailer Next plummeted yesterday as it cut its profit forecast after a poor Christmas and warned of a further decline.

The warning sent shockwaves through the UK’s clothing retailers as the most successful performer of the last decade faltered.

The company, which trades from about 540 shops in Britain and Ireland, said it was disappointed with its Christmas sales and highlighted “exceptional” levels of uncertainty in the sector, adding it was preparing for tougher times.