Investors in fashion chain Next are to get another special dividend because its shares are trading at too high a level to return cash in buybacks.Next, which announced on January 3rd that it would pay a special dividend of 50p per share to shareholders on February 3rd, said it would make a further special dividend payment of 50p on May 1st.The company said it was paying the special dividend instead of share buybacks, which it has temporarily halted because its shares have traded since late October above the level at which it said it would buy back shares.The first special dividend was worth £75m in total, which equalled the cash it would have used for buybacks between October last year and this month.Next said in January that it expected to generate and return a further £300m of spare cash, which would be returned either through further quarterly special dividends or buybacks, depending on the share price.It said it was returning the cash because it already generates more money than it can invest productively in the business.In January, the group raised its yearly profit outlook after unveiling pre-Christmas sales that topped its own forecast, making it one of the high street's festive trading winners.It said total sales rose 11.9& between November 1st and Christmas Eve, helped by its policy of not cutting prices before Christmas.Shares fell 0.88% to 6,185p by 12:18 in London.PW