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Next shares suffer as sales growth slows 5%

THE HIGH STREET delivered a mixed message yesterday after Next, Britain's third-biggest clothing retailer, revealed a sharp slowdown in sales growth while Selfridges showed signs of recovering after the collapse in visitors to London hit its business.

Next disappointed the City with a 5 per cent rise in underlying sales for the first 15 weeks of its financial year, which compared with an increase of 7 per cent over the first seven weeks. Its shares, which recently hit a new peak of just over 1,100p, plunged 51p to 1,050p.

While a number of retailers including Marks & Spencer have cautioned that the recent rate of sales growth is unsustainable, analysts said the high street was still ...

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