Next sees clothing price rises easing over the year ahead

The retail giant reported a 5.7% increase in pre-tax profits to £870.4m for the year to January.

The retailer has said it expects to raise its prices more slowly over the year ahead as it revealed better-than-expected annual profits (Ian West/PA) (PA Wire)

High street chain Next has said it expects to raise its prices more slowly over the year ahead as it revealed better-than-expected annual profits.

The retail giant reported a 5.7% rise in pre-tax profits to £870.4 million for the year to January, which was higher than the £860 million it had previously pencilled in.

Next said full-price sales rose 6.9% year on year.