Astonishing figures: Next is now bigger than M&S

Profits for high street clothes shop Next have overtaken M&S.

The company saw a 5.4% rise in sales, leading to pre-tax profits of £695m, ahead of Marks & Spencer’s forecasts for its financial year.

Next’s shares have rocketed in recent years, and it’s now worth £10bn, compared with £7.5bn for M&S.

The boost comes partly from online, where its sales rose 12.4%.

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CEO Lord Wolfson said that the British economy has “steadily improved”.

“This modest improvement looks set to continue. However, conditions are likely to remain far from buoyant and there are real risks to the sustainability of the current recovery,” he said.

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