Next has said it could cut prices after a no-deal Brexit thanks to savings from lower trade tariffs.

The retail giant said it would slash its costs by £15m meaning that “modest” savings could be passed on to consumers.

Next chief executive and prominent Brexiteer Lord Simon Wolfson said consumers are “numb to the daily swings in the political debate”, with little evidence that uncertainty is affecting demand for clothing.

The announcement came as the latest official figures showed retail sales increased 0.4 per cent in February despite surveys suggesting consumer confidence is slipping.

Next reported a 0.4 per cent dip in pre-tax profits to £722.9m for the year to the end of January. A 7.9 per cent slump in high street sales was countered by a 14.7 per cent jump in online revenues.

The Great British High Street: 2018 shortlist Show all 34 1 /34 The Great British High Street: 2018 shortlist The Great British High Street: 2018 shortlist Queen Street, Amble Ann Burke representing 42 Queens Street for Queen Street, Amble PA The Great British High Street: 2018 shortlist Gloucester Road, Bristol Anne-Louise Perez, representing Gloucester Road in Bristol PA The Great British High Street: 2018 shortlist Alton High Street Pete Earp representing Market Square for Alton High Street PA The Great British High Street: 2018 shortlist Barnes High Street Steven Mindel representing Barnes Community Association for Barnes High Street PA The Great British High Street: 2018 shortlist Worcester High Street Phoebe Dawson of Worcester BID Worcester High Street PA The Great British High Street: 2018 shortlist Altrincham Town Centre Martin Duff representing Randalls Jewellers, for Altrincham PA The Great British High Street: 2018 shortlist Kirriemuir High Street Louise Kerr representing Hamilton and Kerr Photography for Kirriemuir High Street PA The Great British High Street: 2018 shortlist Newport-on-Tay High Street Betty Martin representing The Rio Community Centre and Thrift Shop for Newport-on-Tay High Street PA The Great British High Street: 2018 shortlist Ayr High Street Angela McNay representing Unity Grill CIC for Ayr High Street PA The Great British High Street: 2018 shortlist Portadown Town Centre David Taylor representing Portadown Town Centre PA The Great British High Street: 2018 shortlist Crickhowell High Street Emma Corfield Walters owner of Book-ish representing Crickhowell High Street PA The Great British High Street: 2018 shortlist Holywell High Street Russ Warburton owner of Ideal Lighting, representing Holywell High Street PA The Great British High Street: 2018 shortlist Richmond Market Town Dennis Greaves representing Mocha Chocolate Shop for Richmond Market Town PA The Great British High Street: 2018 shortlist The Pantiles, Royal Tunbridge Wells Julian Leefe-Griffiths, representing The Tunbridge Wells Hotel and The Pantiles in Royal Tunbridge Wells PA The Great British High Street: 2018 shortlist Alness High Street Carolyn Wilson representing Victoriana for Alness High Street PA The Great British High Street: 2018 shortlist The Thoroughfare, Woodbridge Tony Moorcroft representing The Thoroughfare, Woodbridge PA The Great British High Street: 2018 shortlist Avenue 77, Glasgow Joe Smillie representing The Glad Cafe, Avenue 77, Glasgow PA The Great British High Street: 2018 shortlist Guildford High Street Pete Lambert representing Experience Guildford for Guildford High Street PA The Great British High Street: 2018 shortlist Market Street, Omagh Lynn McKinley owner of She Ladies Boutique, representing Market Street, Omagh PA The Great British High Street: 2018 shortlist Turriff High Street Robert Stephen representing Celebrations of Turriff in Turriff, Aberdeenshire PA The Great British High Street: 2018 shortlist Welshpool High Street Christine Holmes owner of Flaunt-It, representing Welshpool, Wales PA The Great British High Street: 2018 shortlist Cowbridge High Street Alun John representing Arthur John & Co for Cowbridge High Street PA The Great British High Street: 2018 shortlist Hull Trinity Market Team Caffeinated representing Hull Trinity Market PA The Great British High Street: 2018 shortlist Northwich High Street Jane Hough of Northwich Business Improvement District, representing Northwich High Street PA The Great British High Street: 2018 shortlist Carmarthen Town Nick Lee (right) and Paul Raven (left), co-owners of Tea Traders, representing Carmarthen Town PA The Great British High Street: 2018 shortlist Narbeth High Street Andrew Rees representing Andrew Rees Butchers for Narbeth High Street PA The Great British High Street: 2018 shortlist St Albans City Centre Sean Hughes of Dylan Kings Arms representing St Albans City Centre PA The Great British High Street: 2018 shortlist Clive Davis from 4CG will represent Cardigan High Street PA The Great British High Street: 2018 shortlist Prestwick Main Street Davie Crooks representing West Coast Foods for Prestwick Main Street PA The Great British High Street: 2018 shortlist Poole High Street Jeanette Walsh representing Truly Scrumptious for Poole High Street PA The Great British High Street: 2018 shortlist Bow Street, Lisburn Sarah Munn owner of Penny Square representing Bow Street, Lisburn PA The Great British High Street: 2018 shortlist Burnley Road Team EcoLife Gizmos representing Burnley Road PA The Great British High Street: 2018 shortlist Larne Main Street Allan Dorman & Son representing Larne Main Street PA The Great British High Street: 2018 shortlist Wimborne Town Centre Malcolm Angel representing Gullivers Bookshop in Wimborne Town Centre PA

Lord Wolfson said Brexit was having little negative impact on the business.

He said: “We can see no evidence that this uncertainty is affecting consumer behaviour in our sector.

“Our feeling is that there is a level of fatigue around the subject.”

Lord Wolfson also said despite the Brexit uncertainty, the economic fundamentals affecting consumer behaviour have improved – with better job rates and low inflation.

“Whilst our relationship with the EU remains uncertain, other economic indicators for the consumer look less worrying than at this point last year,” he said.

The company is up against the same set of challenges facing many high street retailers and said it expects to close some of its 507 stores over the next 15 years as it focuses increasingly on web sales.

“Our guess is that there will be shops in 15 years’ time, but they will be fewer in number, possibly smaller and much less expensive,” the company said.

Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said: “It’s no secret the high street is losing its grip on consumers; sales are sliding everywhere, from department stores to the likes of Superdry.

“With that in mind, Next’s lacklustre in-store sales aren’t a surprise. Therefore, the group’s decision to keep opening new stores may seem counterintuitive, but the retail estate is actually a fundamental element to the success of the business.

“Next has made it clear the future of the business is centred on growth in online sales, but around half of all online orders are done through the click and collect service, and more than 80 per cent of returns are completed in store.

“That means that rather than cutting the amount of physical sales space, Next’s plans for evolution very much embrace bricks and mortar.

“Given Next’s harsh review of the UK’s retail environment, a shift to online seems sensible.