Fashion chain Next has hailed a “great year” for the company, with an 11.8% rise in annual profits to £695.5 million and doubling its estimates for sales growth in the next 12 months.

Sales for Next Directory, our online and catalogue business, grew by 12.4% narrowing the gap with the retail division, which grew by 1.7%. Chairman John Barton said that the two businesses “are complementary and support each other in an effective and efficient way”.  

He added: “That performance gives us a solid platform for 2014.  Our strategy remains the same, focused on our products, our profitability and returning cash to our shareholders.  Notwithstanding the continued pressure on the UK consumer, we anticipate another year of growth for Next.”
Operating margins in both businesses increased during the year, which saw many changes to the group’s senior management.

Property director Andrew Varley, who had been on the board for 23 years, retired in May 2013 and Christine Cross, non-executive director, will step down this May after nine years.

Meanwhile, Michael Law and Jane Shields joined the board as group operations director and group sales and marketing director respectively last July.