Next reports £1bn in annual profits for first time but warns on UK economy

Retailer says big business cannot afford to finance excessive regulation' and government debt

Next has rung up 1bn in annual profits for the first time but warned of growing risks to the UK economy, saying big business could not afford to finance excessive regulation" and government debt.

The retailer said pre-tax profits rose 10% to just over 1bn in the year to January after sales increased 8.2% to 6.3bn, led by strong overseas growth and sales of other brands.