It's the fifth time in eight months the British clothing retailer has raised forecasts, and follows better-than-expected Christmas sales.

Next is often seen as a useful guide of how British consumers are doing.

Shoppers in the UK have been hit by a rise in borrowing costs, which stand at a 15-year high.

They also dealt with rapid inflation that has outpaced growth in wages for much of the past two years.

Despite that, Next said full-price sales rose 5.7% in the nine weeks to December 30.

Sales in stores were up slightly year-on-year, while online sales rose 9.1%.

Next said it now expects pretax profits for the year to January 2024 of $1.15 billion - well above previous guidance.

But Next did warn that difficulties with access to the Suez Canal would cause some delays to stock deliveries in the early part of the year if they continued.

Shares in Next have risen 36% over the last year, and were up around 5% on Thursday morning.