Next CEO Lord Wolfson won't collect his £2.4 million bonus this year, opting instead to split the reward among the retailer's staff, with everyone who has worked there since June 2010 receiving a 1% bonus this July. "I remain very grateful for the way in which everyone has helped to navigate our business through this recession," he said.
Britain's retail sales jumped 2.1% in February compared with January, the largest monthly increase since May 2008. UK consumers increased spending on electrical items, auto fuel and other products. Simon Wolfson, CEO of Next, said consumers have emerged from the downturn "in relatively good shape".
Simon Wolfson, CEO at Next, said he expects consumer spending to take a hit this year after the UK general election as the new government will likely raise taxes. "One way or another the government's got to reduce spending or increase taxation over the next four years by a significant amount. My guess is that we'll see the hardest hit early," Wolfson said.
Simon Wolfson, CEO of Next, said that the H1N1 influenza virus has become more of a threat than the weather to fashion retailers. "I think it's unlikely that the weather will play anything like the role it did in the first half [of the year], whereas I do think there's a downside risk from swine flu," Wolfson said.