Next shares reach all-time peak on record profit

Next (NXT) investors had probably got used to guidance upgrades from the retailer, with a string of earnings uplifts (the latest one coming in January) on the back of a better-than-expected sales performance boosting sentiment. There was no upgrade in the annual results, with management sticking to its forecasts for 2025 of underlying full-price sales growth of 2.5 per cent, a 6 per cent rise in sales and a 5 per cent increase in pre-tax profit. But this must be seen in the context of a year when the business "materially outperformed" original expectations and delivered a record profit, which helped the shares approach their highest ever level on results day.