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Next and HMV suffer over Christmas

HMV revealed plans to close 60 of its 285 stores over the next 12 months in response to a five week Christmas shopping season that saw sales down 13.6 percent from the same season last year.Next blamed the U.K.'s snow for the loss of £22 million in

HMV revealed plans to close 60 of its 285 stores over the next 12 months in response to a five week Christmas shopping season that saw sales down 13.6 percent from the same season last year.

Next blamed the U.K.'s snow for the loss of £22 million in full-price sales in the run-up to Christmas, but the retailer said it would still increase profits this year by up to 10 percent. Its online shopping business initially benefited from the adverse weather conditions, but demand fell immediately amid concerns over delivery times.

Tesco, Marks and Spencer and Kingfisher will issue trading statements in the next few days.

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