Retailer Next has warned that 2016 could be the "toughest" year since the financial crisis.
The high street giant posted a 5% rise in underlying pre-tax profits to £821.3 million for the year to the end of January.
The group had already warned over results in January after a difficult Christmas due to unusually warm weather.
Next said it was bracing itself for a slowdown in the global economy and for profits to fall by up to 4.5% in a year that "may well be the toughest we have faced since 2008".
Following the warning, shares in the group fell to their lowest level for more than two years - down as much as 10%, marking the first time shares have traded below £60 since January 2014.
Next, who were linked to the factory Bangladesh where nine garment workers were killed last night, told ITV News: