Next's annual results 'brilliant but no surprises', says Credit Suisse

Credit Suisse has kept a 'neutral' stance on Next, but admitted that the High Street retailer's annual figures were 'brilliant', as expected."Full-year results were exactly in line with our forecasts, which following detailed guidance and upgrades post the January [trading update] was unsurprising. [...] So, in short, we are struggling to find anything remotely surprising in the report," the bank said.Earnings before interest and tax (EBIT) for the year ended January 2014 were up 11.2% at £723m, matching Credit Suisse's forecast, which equates to a 19.8% EBIT margin - "the highest in our retail universe". Profit before tax (PBT) rose 11.8% to £695m, also in line with estimates.The company has also guided for PBT to rise to between £730m and £770m this year, compared with Credit Suisse's £757m prediction."The shares have traded very strongly over the past three months (+22%) and it may be that the market has become used to upward surprises every time that Next report," the bank said.Credit Suisse left its 6,500p target price for the shares unchanged.The stock was up 1.8% at 6,695.75p by 15:23 on Thursday.BC