FASHION RETAILER NEXT revealed a cut of £2m in the marketing budget for its mail order business, Next Directory - equivalent to a one third reduction. Said chief executive David Jones: 'We believe the home shopping market will continue to be very difficult during 1999; we do not expect any significant growth in customers.' This bearish view caused shares to sag by 3% to 718p despite annual results, ahead of market expectations at £166.9m pre-tax for the year to 31 January.
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