Investors were offered some cheer on Tuesday that Christmas might not have been a total wash-out for the high street, as the retail reporting season kicked off with slightly better than expected performances from two of Britain’s biggest clothing chains.

Next, one of the few chains to hold its nerve and start its sale only after Christmas, said underlying sales fell 7 per cent from the end of July to the year-end. It also said it would achieve its profit forecasts for the year.