Fashion retailer Next’s latest trading statement showed that its Directories business grew at a slower rate than its stores even after making allowance for new outlets – a first for the firm.So it’s fair for investors to ask where the growth will come from going forward? Fortunately for them, the company’s chief - Lord Wolfson of Aspley Guise – has a reputation as an intellectual in the sector. He was one of the first to see the merits of the ‘click-and-collect’ model. The company is pushing prices higher at its retail stores, while Directory outside the UK is expanding into new geographies, although it is cautious on China. Furthermore, more new space is being dedicated to furniture, instead of fashion. Also worth taking into account, Next has a policy of share buy-backs, which is a useful prop for the stock’s price. “Next is one of the best performers in the sector, and this is no time to go short.” Buy, says The Times’s Tempus.Next has come a long way over the last five years. By providing the UK with quality goods at a reasonable price it has become the second largest company in its sector and the most profitable one. Its stock price has reflected this, jumping to £70 from the low of £10 hit in the aftermath of the financial crisis in 2009. However, the firm itself warned that the enviable combination of an improving economy, low interest rates and availability of credit may not continue next year. Indeed, a rise in interest rates could damage sales at its Directories or catalogues business. A comfortable majority of its 3.94m customers have a credit account with the company which they access via their Next Directory Card.The company is currently trading on 17.5 times’ forecast earnings, dropping to 16.2 times next year. “It has been a fantastic run in the shares,” but The Daily Telegraph’s Questor column believes now is as good a time as any to take profits. So ‘sell’, Questor adds.