Next climbs FTSE 100 ranks to become third biggest retailer

 
Kasmira Jefford
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A RALLY in Next’s share price over the past year has made it the UK’s third largest retailer.

The fashion chain’s shares have surged 43 per cent in the past year, giving it a market value of £6.9bn at Friday’s closing price of 4,309.6p. This puts it behind Sainsbury’s market cap of £7.1bn and Tesco’s £29.3bn but ahead of Kingfisher, Marks & Spencer and Burberry, which it was behind last year.

The retailer, led by Tory peer Lord Wolfson, is one of the few retailers to have shrugged off the high street gloom, seeing a five per cent rise in underlying profit to £570m last year, thanks to strong directory and online sales.