This morning's half-year results from Next have provided more evidence that the downturn hasn't been quite as severe as some have feared.
The high street, online and catalogue chain posted pre-tax profits of £185.5m for the six months to the end of July, up nearly 7% on last year and ahead of City forecasts.
Next said the increase was partly thanks to good weather, which it doesn't expect to see over the next six months.
Chief executive Simon Wolfson also warned that 2010 will be tough - the prospect of public spending cuts and tax rises means like-for-like sales will probably fall next year. But he still struck an upbeat tone:
The consumer recession has been less extreme than many forecasters were predicting. Some assumed that a cataclysm in the financial markets would lead to a similar crisis in consumer markets - this has not been the case. It's been a recession not Armageddon.
In other City news this morning, banknote maker De La Rue said that trading remains in line with expectations, but has taken a £2.5m hit to cover a "legacy overseas tax issue".
And Weir, the engineering firm, has appointed a new chief executive as Mark Selway has taken a new job in Australia. Congratulations to Keith Cochrane, who has been promoted from his current role as finance director.
