The best of the fashion business-related headlines from the weekend’s newspapers…
The Financial Times and The Times reported that high street chain Next had revamped its executive pay plans, including bonus targets, which would see the maximum potential bonus for chief executive Simon Wolfson increased to 150% of his basic salary, from 100%. Next has also shifted profits targets lower making it more likely that directors will achieve bonuses, the reports said.
The Daily Mailalso said that the Association of British Insurers had contradicted Next’s claims in its annual report that the association had supported its bonus plan changes.
Luxury brand Burberry is expected to report that sales growth stalled in the second half of its financial year, despite a 13% sales increase for the first six months, excluding currency fluctuations, according to The Mail on Sunday. Full year sales are expected to be around £1.2 billion when the luxury brand makes a pre-close statement tomorrow.
The Sunday Expresssaid that Burberry’s fourth quarter sales were expected to be down 8% year-on-year, and that the brand had benefited from the weak pound and an increased demand for heritage brands.
Supermarket Tesco its expected to reveal that profits have increased to £3 billion at its final results tomorrow, according toThe Sunday Times, which reported that City analysts expected sales of £54 billion over for the year, with like-for-like sales up 3%.