Next shares hit record high

CLOTHING firm Next lifted some of the gloom surrounding the retail sector with strong last-minute Christmas sales and a higher profit forecast, fuelling its shares to a record high.

The slow build-up to the festive season had panicked many retailers into cutting prices, but Next stuck to its long-held strategy of not discounting before Christmas despite racks of unsold stock a gamble that has paid off.

"The last week before Christmas was very, very strong," Next chief executive Simon Wolfson told Reuters in an interview.