Boost: Next expects profits to reach £960m this year
The boss of Next saw his wages rise to £4.5million last year as the chain braved the gloom on the High Street.
Lord Wolfson, who has been praised for his leadership at one of Britain’s most successful retailers, received a basic salary of £908,000, a bonus of £1.4 million, share awards of £2 million, and £172,000 in pension and benefits employment conditions.
His total package increased by 80 percent, compared to £2.5 million last year.
The figures in the company’s annual report came just weeks after Wolfson, 56, said it “feels like we are now entering a new era” with inflation easing and the economy recovering.
Next, which he has led since August 2001, expects profits to reach £960 million this year.
Tesco, Marks & Spencer and B&Q owner Kingfisher are the only public British retailers to rake in £1 billion in profits in a year.
Next shares rose 0.7 percent.