Next ups its profit forecast

Next nudged its full-year profit forecast higher after an increase in sales over the Christmas period was supplemented by improved margins due to a renewed attack on costs.

Shares in Next, which has a long-standing policy of never going on sale before Dec 26, rose 2.3% yesterday, topping the Ftse 100 leader board, after it forecast profit growth in both the 2012/13 and 2013/14 years.

With Britain facing a possible triple-dip recession, many retailers have been finding the going tough as consumers fret over job security and a squeeze on incomes.