Clothing retailer Next today gave up on hopes of a trading upturn this year after reporting a 6% fall in like-for-like sales for the past six weeks.

British clothing group Next today brushed aside fears of a slowdown in high street spending after beating market expectations with a 30% hike in profits.

Bosses of fashion chain Next are betting £2.6m(€3.9m) on the business in the hope of netting a windfall five times bigger.