Like Marks & Spencer, Next can trace its origins back to a 19th-century high street in Leeds, but for investors the retailer now sits more easily with online pure-plays. Upgrading profit guidance for the fourth time this year sent shares in the FTSE 100 group to a fresh high of £83.94, putting its market valuation in the realms of fast-fashion plays such as Asos and Boohoo.
Lord Wolfson of Aspley Guise, its chief executive, is acutely aware that meeting the market’s high expectations requires “near-perfect execution”. He has a habit of prudent forecasting and now expects pre-tax profits of £800 million this year, almost 7 per cent higher than they were in 2019.
Next’s edge over its high street rivals has been in making
