Lord Wolfson may be 'very cautious', but there are no worries for Next

In the medium-term, Next has nothing to worry about - even if the bottom of Wolfson's profits range for the current year is 785m, or almost no growth

Next shareholders should not despair: their chief executive, Lord Wolfson, may be "very cautious" about the year ahead but that represents only a modest downgrade on his normal mood in March.

This time last year, he thought Next's pre-tax profits would be 730m-770m. In the event, Wolfson unveiled 782m on Thursday - and that was achieved even with a mild weather-related warning last autumn.