Next made a small £9m profit in its first half but has raised its full-year guidance from the £195m it expected in July to £300m.

Wolfson has forecast three potential scenarios for its second half. Even in the worst case scenario, which includes a second nationwide lockdown, sales would fall 34% between now and the end of its financial year, but pre-tax profit would come in at £110m. 

“The first half has been much better than we could have hoped in March,” he explains. “The company has made a small profit but the fact that we’ve made a profit in the first half isn’t really important.