Next CEO Simon Wolfson sells more than £10 million worth of shares

Retail sales
© TheIndustry.fashion

Next Chief Executive Officer Simon Wolfson has sold over £10 million worth of shares in the fashion retailer, in response to a strong recovery in its share price since March 2020.

Wolfson sold 150,000 shares at £67.87 each, having made a similar disposal last year.

The company said that the share sale allows Wolfson “to spread his investments in other non-retail areas”. He still retains a significant shareholding, worth more than £80m at current prices, in the retailer.

Shares were down 2% in early afternoon trading after the announcement.

Last month, Next revealed better-than-expected sales over the summer, with strong trading in children’s clothing and homeware products.

The company said it now expects pre-tax profits for the year to hit £365m – £65m more than first expected – with net debt forecast to fall by £487m to £625m.

The company also reported a worry for the UK lockdown, previously reporting: “A two-week lockdown in England, Scotland and Northern Ireland in November would reduce retail full-price sales by around £57m (depending on timing).”

“We have found no evidence of the virus being transmitted in our stores, nor are we aware of any studies that suggest clothing and homeware retail presents a significant risk of infection.”