High-street chain Next Plc is set to suffer a £34 million blow to its Christmas trading after buying too much stock, according to analysts cited by the Independent on Sunday.

The JP Morgan Chase analysts came to the conclusion after conducting a study of Next's poor September trading report, which predicted negative results for the foreseeable future.

Next said same-store sales dropped 6.0 per cent during the 6-week period ended 10 September and said it expects the trend to continue throughout the rest of the year.