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Next boss Simon Wolfson was today straining to offer as few signs of optimism as possible.
Unveiling sales figures for the last quarter which were much better than he had expected, the chief executive warned: “We are seeing a bottoming-out, but I wouldn't want people to confuse a bottoming-out with a recovery.”
The clothing retailer reported a fall in sales in the 14 weeks to 2 May of just 2.3% in the stores rather than the 9% which had been expected.
Overall sales, including from the mail order and online Next Directory, were up 1.1%.
The boost was attributed to the warm weather causing shoppers to buy summer clothes early.
Next said its numbers were also flattered by a late Easter and fewer people travelling abroad.
It expects sales to fall by between 4% and 7% in the next three months but added £15 million to full-year profit forecasts.
For the year to the end of January 2010, analysts now expect it to make more than £370 million in profit.
Nick Bubb of Pali International said: “Looking at the weather forecast, we would advise [Wolfson] to stay cautious.”
