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It’s been a grim start to the new year for UK retailers. Next shares fell more than 17% on the week as the company issued a profit warning for the full year, following a further decline in its latest quarterly sales. Chief executive Simon Wolfson stated that rising UK inflation would likely affect consumers’ ability to spend, while the pound’s fall would make the cost of importing materials from abroad more expensive. Bike and car parts group Halfords also cited the post-Brexit vote fall in sterling as one of the main reasons for its double-digit fall in profits.