Next slashes profit forecasts in bleak warning for the high street

Next has cut targets for the rest of the year after weak sales in August (Ian West/PA)

(Picture: PA Wire)

NEXT today slashed profit forecasts after a tough summer, a worrying indicator for the rest of the high street and the wider economy.

The shares promptly crashed 8%, off 437p to 4887p as the City fretted about the prospects for what is widely regarded as one of the best businesses in Britain.