Next warns 2017 profits could fall up to 14% as costs grow

The retailer confirmed a story by Sky News hours earlier by admitting further "challenging" times were ahead while updating the City on its Christmas trading performance, which missed forecasts. Its share price fell as much as 14% in early trading on the FTSE 100 - following on from a 4.3% loss in the previous session - while other retail stocks also came under pressure.