Next to hike prices overseas as it faces higher Iran war cost hit

Russ Mould, investment director at AJ Bell, said: “Such is Next’s skill at managing expectations that even when confronted with an event as disruptive as the conflict in the Middle East it still feels able to lift guidance.

“Next is a well oiled machine – despite conservative assumptions on Iran, forecasts have still ticked up.

“This is predicated on making cost savings and passing on some increase in prices, particularly in the Middle East which is an important component of its international operations.

“Apart from anything else, investors will appreciate the usual clarity on offer from Next at a time when much of the backdrop looks decidedly murky.

“The inherent strengths of Next as a business mean it’s not too hard to see a further improvement in its competitive position as less robust rivals struggle against a tricky consumer and cost environment.”