Simon Wolfson received a record £7.4m in total pay last year after Next plc delivered another year of strong financial performance and repeatedly upgraded its profit guidance.
According to the retailer’s latest annual report, Mr Wolfson’s total remuneration rose to £7.426m for the year to January 2026, up from £4.909m the previous year. The package included a £967,000 base salary, a £1.451m annual bonus and £4.739m from long-term incentive awards.
Next is also seeking shareholder approval for a more generous remuneration policy at its AGM on May 21. Under the proposed changes, the CEO’s maximum annual bonus would increase from 150 per cent to 200 per cent of salary, while the maximum long-term incentive plan (LTIP) grant would rise from 225 per cent to 400 per cent of salary. Base salaries for executive directors are also set to increase by three per cent in 2026/27, taking Mr Wolfson’s salary to £1m.
The company said the proposed changes reflect its long-term performance and the need to remain competitive in executive pay. In the annual report, the remuneration committee noted that Mr Wolfson’s total pay remains “approximately 30 per cent below FTSE 100 median” and argued that, given Next’s sustained outperformance, current remuneration levels are no longer fully aligned with results.
Simon Wolfson CEO of Next
The board added that increasing executive pay is important to retain and motivate senior leadership, as well as to support future succession planning.
The pay increase follows a strong financial year for the retailer. Next reported group profit before tax of £1.158bn for the year to January 2026, a rise of 14.5 per cent, while statutory pre-tax profit reached £1.193bn.
Looking ahead, the company has raised its pre-tax profit guidance for the year to January 2027 by £8m to £1.21bn, while maintaining full-price sales growth guidance of 4.5 per cent.
Despite ongoing uncertainty linked to conflict in the Middle East, Next said trading in the first eight weeks of the new financial year had been encouraging in the UK. However, it cautioned that continued disruption could lead to higher costs, increased prices and softer consumer demand, with a further update expected in its first-quarter trading statement on May 6.
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