Next chief executive Simon Wolfson took home a record £7.4m last year after the fashion and homewares giant delivered stronger profits and upgraded guidance multiple times.
The retailer’s latest annual report shows Wolfson’s single total figure of remuneration rose to £7.426m for the year to January 2026, up from £4.909m a year earlier.
That included a £967,000 salary, £1.451m annual bonus and £4.739m from long-term incentive awards.
The retailer is also seeking shareholder backing for a richer remuneration policy at its AGM on 21 May. Under the proposed changes, Wolfson’s maximum annual bonus would rise from 150 per cent to 200 per cent of salary, while his maximum LTIP grant would increase from 225 per cent to 400 per cent of salary.
Base salaries for executive directors will also rise by three per cent in 2026/27, taking Wolfson’s salary to £1m.
Next said the shake-up reflected the group’s long-term performance and the need to keep pay competitive. In the annual report, the remuneration committee said Wolfson’s total pay was now “approximately 30 per cent below FTSE 100 median” and argued that, given Next’s “sustained outperformance”, current remuneration levels were no longer appropriately aligned with performance.
The board also said higher pay was needed to retain and motivate senior leadership and support succession planning.
The pay rise comes after another strong year for the retailer. Next reported group profit before tax of £1.158bn for the year to January 2026, up 14.5 per cent, while statutory pre-tax profit climbed to £1.193bn.
It has also lifted its pre-tax profit guidance for the year to January 2027 by £8m to £1.21bn, maintaining full-price sales growth guidance of 4.5 per cent.
While the business flagged uncertainty linked to the conflict in the Middle East, it said early trading in the first eight weeks of the new financial year had been encouraging in the UK.
Next warned that continued disruption could eventually feed through into higher costs, selling prices and weaker consumer demand, but said any detailed update would come with its first-quarter trading statement on 6 May.
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