Shares in UK retailing group Next soared on Wednesday morning following their Christmas trading statement.

Next sales figures for the 54 day period to 24th December revealed the company had successfully offset weaker retail sales with a bumper online sales increase.

Online sales rose 13.6% offsetting a disappointing 6.1% drop on sales in the retail unit.

Investors cheered the results sending Next shares as much as 9% higher in early trade on Wednesday.

Next predicted that profit would slow slightly in the coming year to £705m as operating cost rose at a faster pace than sales which were expected to rise 1%.

The results were not only good news for Next, but the wider retail space; shares in Marks & Spencer and Sainsbury’s rose 1% and 1.2% respectively.