Boost: Next expects profits to hit £960m this year
The boss of Next saw his pay increase to £4.5m last year as the chain defied gloom on the High Street.
Lord Wolfson, who has been praised for his leadership of one of Britain’s most successful retailers, was paid a base salary of £908,000, a bonus of £1.4m, share awards of £2m, and £172,000 in pension and benefits.
His overall package rose 80 per cent from £2.5m the previous year.
The figures, in the company’s annual report, came just weeks after Wolfson, 56, declared it ‘feels like we are now entering a new era’ with inflation on the retreat and the economy recovering.
Next, which he has steered since August 2001, expects profits to hit £960m this year.
Tesco, Marks & Spencer and B&Q owner Kingfisher are the only public UK retailers to have raked in £1billion in profits in a single year.
Next shares rose 0.7 per cent.
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