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Next makes £170m in interest charges

Next made £170m in interest charges from shoppers using its online and home shopping credit facility last year, according to smallprint in the company’s accounts.

The Guardian has identified that 2.7 million shoppers out of a total of 3.6 million purchasing via the Next Directory used unsecured credit offered by the business in the 12 months to the end of January.

The credit customers were charged a service fee of 24.99% APR if they did not repay the outstanding balance on their Directory account by a set date each month.

This interest accounted for almost a third of the profit Next made on sales to its Directory customers, reported the newspaper.

The company made a pre-tax profit of £795m during the period and its chief executive Lord Wolfson was paid £4.7m in cash and shares for the performance.

@Tara_Hounslea

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