Annual profits at Next have fallen 8% after what the retailer described as its most challenging year for 25 years.
The company said pre-tax profits dropped to £726.1m in the 12 months to January, marking the second year in a row that profit has declined.
Next said that sales of full-priced products at its stores tumbled in contrast to online demand.
It blamed "a weak clothing market" as well as "self-inflicted product ranging errors and omissions".
Full priced sales at its shops fell by 7% but rose by 11.2% online. Total revenue for the year fell by 0.5% to £4.1bn.