Next have announced a massive 8 per cent fall in profits from last year.
The popular high street retailer has said this has been their ‘most challenging’ period in 25 years, as they plan to make some drastic changes.
Like-for-like price sales in shops fell by 9.1 per cent, while online full price sales increased by 11.2 per cent.
Chief executive Lord Wolfson said: “In many ways 2017 was the most challenging year we have faced for 25 years.
“A difficult clothing market coincided with self-inflicted product ranging errors and omissions.
“At the same time, the business has had to manage the costs, systems requirements and opportunities of an accelerating structural shift in spending from retail stores.”
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The brand are planning on closing some stores across the UK when their leases are up for renewal, as more customers turn to online shopping.
They expect to shut ten stores in the next year.
Other changes include Next planning to bring cafes or restaurants into their stores to attract more visitors and primarily increase footfall.
Next are expecting the next year to also see decreases in profits.