Next’s sales surged over Christmas – so why did the City seem so underwhelmed?

Next’s new year may be a tough one, which explains the response to an otherwise fashionably upbeat set of numbers, writes James Moore

Next reported surging sales and profits but price rises will likely be coming. Will its customers wear them? (PA)

It’s exam results time for retailers. That time of year when their CEOs queue up with their festive trading statements and endure a facsimile of their student years as they await their grades from a wintry City of London.

Reputations, even careers, are made and broken at this time of year. It doesn’t help that Next is usually at the front of the line – it traditionally gets its trading statement in early. It also usually sets a very high bar for the rest of them.

With a 20 per cent rise in festive sales (compared to 2019’s numbers), £70m added to the full year revenue forecast, and a predicted £20m extra in profits for shareholders to feast upon, it raised the bar again.