British fashion retailer Next has reported a 10.1% increase in annual profits, surpassing £1 billion for the first time. The company announced a pretax profit of £1.011 billion ($1.31 billion) for

the year ending January 25, 2025, and total group sales rose 8.2% to £6.32 billion.

Next, often seen as a barometer for UK consumer trends, joins Tesco and Marks & Spencer in reaching this profit milestone.

Buoyed by stronger-than-expected full-price sales in the first eight weeks of the new financial year, Next has upgraded its forecasts. It now expects full-price sales growth of 6.5% in the first half (up from 3.5%), and 5.0% for the full year (previously 3.5%).

The company also raised its pretax profit guidance by 5.4%, now forecasting £1.066 billion for the year. Photo by Edward, Wikimedia commons.