UK retailers raise doubts over outlook Leading UK retailers raised a fresh alert over the state of the high street on Thursday, with both Next and John Lewis raising doubts about the consumer outlook, despite both increasing first-half profits. Lord Wolfson, chief executive of Next, said sales in the past six weeks had been "disappointing." The Tory peer and donor said: "If the economy had a weather forecast the outlook would be overcast - patchy rain for the foreseeable future." The comments sent a shiver across the high street, with shares in Next falling 8 per cent to £32.93. Shares in Marks and Spencer, which is under pressure to improve its clothing performance, fell 0.83 per cent to 370.6p. Lord Wolfson said clothing sales had been particularly hard hit during August. Customers also stayed away from stores, particularly in central London, during the Olympics, amid fears over travel disruption. "If people are watching the Olympics, or watching it on television, they are not shopping," he said. But he said trade in early September - a crucial period for retailers with the debut autumn ranges - had also been quiet. Several senior retailers told the FT last week that trade had been slow amid unseasonably warm weather and families preoccupied with the start of the school term. Lord Wolfson said it was too early to say what was behind the recent slowdown. The big question is: is it the general economy slowing down, or is it other effects? The Olympics? More people travelling? Much warmer weather than last year?....There is an element of uncertainty," he cautioned. But he said: "My sense is that the last six weeks are not indicative of a significant slowdown in the consumer economy." "The last six weeks have been quiet, but I think that is more likely to be down to one-off effects, than a general deterioration on the consumer economy," he added. The John Lewis Partnership, which owns John Lewis department stores and Waitrose supermarkets, warned that consumer demand remains "fragile." But Charlie Mayfield, chairman, said he believed conditions for consumers were stabilising. The consumer mood has just been more stable. Its not brilliant, but its not declining," he said. "We have not seen a marked slowdown in the last few weeks," he added But he said he did not expect the partnership to repeat its 60 per cent increase in pre-tax profit in the second half, as the first half was traditionally more volatile, the biggest trading weeks were in the run up to Christmas, and it would continue to invest in the business. Lord Wolfson agreed that retailers faced a period of "subdued stability." Some store groups have been hoping that the feel-good factor from the Olympics and diamond jubilee this summer will help lift the national mood. But Lord Wolfson warned against a boost. I'm not a great believer in mood moving economies. Its fundamentals that move economies," he said. While the squeeze from prices rising faster than wages has eased, pressure on household incomes remained. On Wednesday Ian Cheshire, chief executive of Kingfisher, the DIY retailer, said that stripping out the effect of weather, the UK economy was "bumping along OK," but he was concerned about conditions in France.