British fashion retailer Next reported a better-than-expected 5.7% rise in annual profit but stayed cautious on the outlook for its current year, forecasting a profit decline.

It said on Wednesday it made a pretax profit of 870.4 million pounds ($1.07 billion) in the year to January 2023 - versus guidance of 860 million pounds and up from 823.1 million pounds in 2021-22. For 2023-24 it kept its guidance for a 1.5% decline in full-price sales and profit of 795 million pounds. (Reporting by James Davey; Editing by Kate Holton)