Next profits set to overtake Marks & Spencer for first time
High street retailer Next is set to overtake Marks & Spencer's in the profit stakes after it reported an 11.8 per cent jump in earnings for the last year.
Pre-tax profits for the year to the end of January 2014 rose from £667m to £695m, ahead of what Marks &Spencer is expected to report for its financial year in May.
Next chairman John Barton said the results signaled a "great year" for the retailer, adding that sales for Next directory, the retailer's online and catalogue business, grew by 12.4 per cent, narrowing the gap with Next retail which grew by 1.7 per cent.
The retailer praised its fashion team for taking “greater fashion risks” by adopting new trends rather than falling back on “safe” historical ranges. It is also adjusting its buying cycle to reflect when consumers purchase summer and winter clothes, which is often last minute.
Next also said it intends to grow its flourishing Home department further by adding retail space and improving online functionality.