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Next to join '£1bn club' as Wolfson backs high street
Evening Standard
|September 19, 2024
NEXT looked on the verge of joining the £1 billion club today — the exclusive set of retailers who have made that much profit in a single year.
After a strong August, the company predicts profits for 2025 of £995 million — its best ever and within a whisker of £1 billion.
Given Next’s history of upgrades, City analysts think it can reach the level that only a few UK retailers — Tesco, M&S and Kingfisher — have ever achieved.
Boss Simon Wolfson also today declared that internet retail shopping has peaked and that the future of the high street is sunny.
All retailers suffered from a tough summer this year due to bad weather. Next saw sales down 7.4% in June and by 2.5% in July, but they were up 5.9% in August, giving room for optimism.
Baron Wolfson of Aspley Guise is the son of former chairman Lord Wolfson of Sunningdale but no shareholders think he is not chief executive on merit. The performance of the shares has been stellar under his leadership.
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