Next CEO hails return of confidence as profits soar

NEXT offered hope for the battered high street today as it seemed set to hit profits of £1 billion before long and CEO Simon Wolfson said: “It has been a long time since we started a year in a more positive frame of mind.”

- Simon English

With rents down, costs down and inflation falling, there has been a burst of consumer confidence that could be good for Rishi Sunak’s election prospects, though Wolfson, a Conservative life peer, declined to comment on politics today.

With rival mid-market stores such as Ted Baker and Superdry in the mire, both Next and M&S are on the up.

Next made profits of £918 million for the year to January on sales of £5.84 billion. It predicts £960 million profits for next year and has a habit of steadily increasing the guidance it gives the City.

Adam Vettese, analyst at investment platform eToro, said: “Next is often considered a barometer of UK consumer sentiment and based on today’s update, consumers are ready to loosen the purse strings.