The smart suit is back again, says Next boss Wolfson as profits boom

HIGH street fashion king Next raised profit forecasts again today thanks to strong consumer demand, falling costs and higher wages.

- Simon English

Chief executive Simon Wolfson also noted the return of demand for traditional "smart" suits, as people head back to offices and the trend for smart casual clothes fades.

Next, which also owns Reiss, said full year profits should be £875 million, up from £845 million previously forecast.

That's just the latest upgrade from a company with a history of doing better than its own often pessimistic sounding forecasts.

Wolfson, the longest serving FTSE 100 chief, told the Standard: "Cost inflation is easing across the board. Everything is moving backwards with the exception of oil. We are much more comfortable than we were." That's good news for both the wider high street and the Conservative Party as it heads nearer a general election.