London

THE crucial Christmas trading season is shaping up to have been a brutal one for Britain's non-food retailers. Next's sales gain was welcome, but hardly outstanding. Debenhams, the department store chain, and Mothercare, the parent and baby goods retailer, have both warned on profit. Next up: Marks and Spencer Group (M&S). Whether its report on Thursday shows that clothing and home furnishing sales were better or worse than expected, there is one positive that investors should not overlook.

M&S has been making a valiant attempt to step away from the discounting mania that has enthralled chains in the UK and the US. Not only does a retailer holding its nerve on full-price sales protect margins, it gives consumers confidence in the prices that they pay. If shoppers buy a Christmas gift and then see it marked down before Dec 25, they simply will not do their holiday shopping there the next year.