Next shares jump 7.5 per cent

High street fashion retailer Next has reported higher than expected profits for the year.

Shares in the company jumped 7.5% in early morning trading on Wednesday when Next announced group profit before tax was now to come in at £725m, up from £715m.

Analysts at Shore Capital said, “Next remains a well-managed company with tight stock and cost controls.

“These are good results despite relatively tough comparatives and there are few retailers with upwards momentum in guidance, despite the uncertain outlook in terms of consumer sentiment.”