Fashion retailer Next set to continue growth

All eyes will be on Simon Wolfson on Thursday as the chief executive of Next unveils the high street chain’s latest set of results.

The chain has been on a storming run of success in recent years, and the half-year results are expected to be no different, after the company announced a profit upgrade in July.

Sales for the six months to July 27 are expected to hit around £2 billion, up 4.3%, with pre-tax profits hitting £318 million, according to retail analysts at Shore Capital.

The boost has tended to come from online sales, rather than in-store sales, however, and Thursday’s results are expected to be no different.

But city watchers are more likely to want to hear what Lord Wolfson, who is also a Conservative peer, has to say about the state of the UK economy.

The outspoken Brexiteer recently said he believes a no-deal Brexit will only cause “mild disruption”.

He said previously: “I think the encouraging thing is that we are rapidly moving from the disorder and chaos camp to the wellprepared camp.

“I should stress that I would much prefer a deal to no deal, but I am much less frightened by no-deal if the government is prepared, and there is every indication it’s taking it more seriously.”

Analysts will also be keen to see whether his previous calls for landlords to cut rents, due to the large number of CVA insolvency processes that his rivals have agreed.

Primark owner, Associated British Foods, made a similar plea earlier this month at its own results.