Next shares climb 5% to new record level on better-than-expected fashion sales

Next expects delays of two to two and a half weeks on deliveries due to attacks on shipping in the Red Sea.

Shares in clothing retailer Next rose by over 5% after it raised its profit forecast for the financial year for the fifth time in eight months as it reported a better-than-expected rise in Christmas sales.

The group, which trades from about 460 stores in Britain and Ireland and has an online presence in over 70 countries, did, however, caution that difficulties with access to the Suez Canal, if they continued, were likely to cause some delays to stock deliveries in the early part of the year and could moderate sales growth.