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.
This story is from the March 21, 2024 edition of Evening Standard.
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This story is from the March 21, 2024 edition of Evening Standard.
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