<strong>KATHARINE WYNNE </strong>INVESTEC<br />Next remains on of our preferred retail investments, and we would again highlight the cash generation. The interims confirmed the margin control that management retains, as well as the strong cash generation which remains undervalued by the market in our view.<br /><strong><br />RICHARD HUNTER </strong> HARGREAVES LANSDOWN<br />Next’s full year profits could yet match those of last year, which is a commendable performance in the current retail environment. The management comments are very conservative, perhaps to manage market expectations. But the figures themselves are at the upper end of forecasts.<br /><br /><strong>NICK BUBB </strong> PALI INTERNATIONAL<br />Most of the focus was on the second-half forecast that they can hold clothing prices, despite the foreign exchange hit, as that has positive sector implications. Next weren't tested on the very conservative second half sales guidance of -3.5 per cent to -6.5 per cent, but that could well create more upside in full year pre-tax profit of around £425m.