Next disclose 23% rise in profits

Clothing group Next unveiled a 23% hike in annual profits and said trading conditions had remained healthy into 2004.

The Leicester-based company said it had lifted profits at a faster rate than turnover by shifting stock at full prices and resisting the urge to offer goods at large markdowns.

Profits were ahead of market expectations at £371m for the year to January 31, with turnover from its high street stores, overseas franchises and catalogue operations rising 14% to £2.52bn.