Next has become the latest retail outlet to record a negative performance with falling profits for the second consecutive year.

Next reported an 8.1% fall in annual pre-tax profits to£726.1 million, while total sales dropped 0.5% to £4.1 billion.

Revenue at its shops slumped while online revenues grew by nearly 10% which helped soften the blow.

Next attributed the poor showing to "product ranging errors and omissions" as well as the shift away from consumer spending on clothing.

Chief executive Lord Simon 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 to online."

The figures come at a time of growing concern for retail stalwarts.

As well as the administrations of Toys R Us and Maplin; Debenhams, Mothercare and Carpetright have all issued profit warnings this year.