Next enjoys 10% sales jump before Christmas while JD blames mild weather and promotions for worse-than-expected performance
Simon French, chief economist at Panmure Gordon, said Next’s “very decent” performance bodes well for the economy overall in the October to December quarter.
Charlie Huggins, manager of the ‘Quality Shares Portfolio’ at Wealth Club, who owns shares in Next, said:
Next has pulled yet another rabbit out of the hat today, leading to a further upgrade to its full year sales and profit guidance. It has demonstrated once again why it is considered one of the best run retailers around.
UK consumer spending appears to have defied gravity. A strong employment market and rising wages have helped cushion inflationary cost pressures, meaning consumers have continued to fill their Christmas stockings with Next’s wares, despite the gloomy economic headlines.
