Next chief executive Simon Wolfson is to share his £2.4m bonus out among staff as a gesture of “thanks and appreciation”.
More than 19,000 employees at the high street retailer, who have worked at the chain since 2010, will shares Wolfson’s bonus, an average of £124 each.
The payments will be received in July pay packets.
An email sent out to staff earlier this week said: “Three years ago the Next PLC board awarded me an incentive scheme called a Share Matching Plan (SMP). The exceptional gain in our share price has meant that this award has now become more valuable than I could possibly have expected. As I am a shareholder, I have also greatly benefited from the increase in our share price.
“So this year, instead of accepting this reward, I have asked the board if they will share it out between all the people who have worked for the company during the three year SMP qualifying period. You, and all employees who have been working at Next since June 2010, will be included.”
He added: “I hope you will accept this additional bonus as a gesture of thanks and appreciation from the company, for the hard work and commitment you have given to Next over the past three years and through some very tough times.”
This comes less than a month after Next posted a 9% rise in pre-tax profits in the full-year to January 2013 to £622m. For the full-year period sales increased by 3.1%, driven by a 9.5% growth in the retailer’s Directory business, which includes both its catalogue and online offer.
The company’s annual report also revealed that Wolfson has cemented a 13% pay rise to £4.6m in the year to January 2013.