NEXT showed there is life on the high street yet with a strong second quarter that led to a profit upgrade.
Sales rose 4% in the past three months, allowing the retailer, led by Simon Wolfson, to nudge profit guidance for the full year up by £10 million to £725 million.
Greg Lawless at Shore Capital said: “Next has surprised on the upside today and the small upgrade should be taken favourably by the market. Next remains a well-managed company with tight stock and cost controls.”
The shares jumped 7.5% to 6034p, which leaves the company valued at £8 billion.
Next is also doing well online, where sales are up 12% in the second quarter.
It is returning surplus cash to shareholders via a £300 million share buyback scheme, which is almost complete.
Ian Forrest at The Share Centre said: “These are strong figures from Next.”
