Next shares hit 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.
"We had three disappointing weeks but that was more than made up for in the last week."
Britain's third-biggest clothing retailer said it now expects pre-tax profits of at least £340 million for the financial year to January 31, up from analysts' current consensus of £325 million and last year's £301m.
Shares in the retailer, one of the top FTSE 100 performers last year, shot up more than 10% to a new all-time high of £12.62, having risen 52% in 2003.
Many analysts expect the stock to continue to outperform as Next expands aggressively into bigger shops and also runs a catalogue business.
