Hail, sleet and snow take their toll on Next

​Sales at high street shops plunged 4.7​ per cent​ as ​customers put off buying clothes for the spring and summer ​as hail, sleet and snow lashed the country. The company said the lacklustre figures ​may indicate a wider slowdown in consumer spending.

Next said its poor performance over the last six weeks may be indicative of weaker demand for clothing and a wider slowdown in consumer spending.

Next cut its annual full-price sales guidance to between minus 3.5 per cent and plus 3.5 per cent, also warning that pre-tax profit could fall by as much as 8.9 per cent to £748m.

While Next said that this week’s better weather has seen an improvement in trading, it warned that it is possible that “sales will deteriorate further”.

Chief executive Simon Wolfson warned in January that 2016 would be challenging after the firm reported a sales slump over Christmas.

Julie Palmer, partner at Begbies Traynor, said: “Previously an example of stability in an otherwise rocky UK retail sector, Next has without doubt hit a rough patch, announcing its third cautionary statement in a row.

“Adding to its woes, Next has failed to maintain the support of its historically loyal shareholder base.

“Worryingly, the upcoming EU referendum could further dampen the retailer’s spirits as both consumers and investors alike take a more cautious approach to their finances ahead of the Brexit vote.”