Lord of the Dance

In typical style, Next chief executive Lord Wolfson today tried to play down the significance of the group's better-than-expected 5.2 per cent sales rise in the first quarter.

The Enderby fashion chain said at least 2.5 per cent of this increase was due to the feel-good factor brought on by the extended Easter break, warm weather and royal wedding.

However, Lord Wolfson (pictured) was quick to quash any idea this marked a general upturn on the high street after a dismal few months.

"We are not seeing a general consumer splurge. What we are seeing is directly related to clothing and it's weather-related," he told me today.

But the experienced retailer did provide one reason to be cheerful, with the suggestion the high street may be over the worst of the downturn brought on by the hike in VAT, rising energy prices and public spending cuts.

"February and March were particularly tough - we don't see any worse than that this year," said Lord Wolfson, a Tory peer. He said rising employment was also a reason to be optimistic.

His upbeat tone is bound to be seized above by the national press, who see his views as a bellwether for the general economy.

Other retail bosses will be hoping to follow his lead in the coming days and weeks.