But the high street store reassured that even though it would be tightening the purse strings, its plans for refits and new stores would remain a priority in the year to come.
In a trading statement to the London Stock Exchange, Next directors said: "We will continue to invest in refits and new openings, albeit that these will be at lower levels than the current year."
The group said it would be looking to "closely manage" its costs as well as making further efficiencies in its operations.
Next operates more than 480 stores in the UK and Ireland as well as more than 140 franchise stores overseas.
It said it expected demand from hard-pressed consumers to remain weak, with the first half of the year set to be "particularly difficult".
But the firm gave some slim grounds for optimism after it cautioned against "some of the more extreme economic forecasts".
Profits for the year to January remained in line with market hopes of between £415 million and £435 million, Next added.
The company’s full-year preliminary results are expected to be released late in March.