Next Boss Lord Wolfson has missed out on his annual bonus for the first time in 18 years, this is due to the current pressure hitting the high street.
Wolfson’s total pay package tumbled by 58 per cent to £1.8m in the year to the 28 January.
All directors missed out on their annual bonus due to the failure in not stocking enough wardrobe staples which contributed to the chain’s first annual drop in eight years.
The firm has also faced pressure in a tough market as consumers are spending less on clothes and more on food.
Despite the lack of annual bonus, all directors were awarded a payout in recognition of Next’s long term shares and earning performance over the three years to January.
On top of his basic pay Wolfson obtained £606,000 in shares, this is down from £2.2m on last years figure.
As well as this in the year ahead Wolfson will also see a one per cent increase in basic salary to £773,000. If he manages to achieve the maximum possible bonus payouts he could earn up to £3.95m.
Wolfson has said he is “extremely cautious” of the outlook in the year ahead due to the changes in consumer spending and price rises due to the weakening pound.