2017 is off to a rocky start for the British retailer...
The retailer admitted that further "challenging" times are ahead while updating 'the City' on its Christmas trading performance, which missed forecasts.
The British firm previously warned that pressures caused by the pound's slide after the Brexit referendum will mean that its prices will go up.
It reported that Next brand full price sales over the 54 days to Christmas Eve were down -0.4% on the same period last year though total sales over the year to date were 0.4% up - but aided by discounting.
As a result, Next cut its central profit guidance for its current financial year, the 12 months to January 2017, to £792m from £805m.
It warned that both sales and profits would come under pressure in the following year, as the devaluation of the pound forced up its import costs and household budgets face a squeeze from wider inflationary pressures such as higher grocery and fuel prices.
It said it expected profits to fall in its 2017/18 financial year by between 14% and 2% because of the "tougher times" though it expected its price rises, which it had previously flagged, would only depress revenue by 0.5%.