Next bets on UK consumers spending as shares soar

Shares in Next, whose stores on major shopping streets across the UK make it a bellwether of the country's consumer confidence, were up 4.7% in morning trade, extending gains over the last year to 30.8%

Next had cautioned in January that sales growth would likely moderate if disruption to shipments through the Suez Canal, due to attacks by Iran-aligned Yemeni Houthi militants in the Red Sea, continued through 2024.

Prospects for Britain's consumers are the brightest since before the pandemic, clothing retailer Next said, helping its shares to a record high after it posted a 5% rise in annual profits and kept its guidance for the current year.

"We're not negative about the consumer outlook, it's a first for us for some time," chief executive Simon Wolfson said.