LONDON, April 10 (Reuters) - The boss of Next,Britain's second-biggest clothing retailer, is to hand his 4million pound ($6.70 million) bonus to the company's staff,sharing it amongst them as a 1.5 percent boost to their annualsalaries.
Next's chief executive, Simon Wolfson cited the company'sstrong performance for his decision to share the annual awardwith Next's 20,000 staff, the second time he has done so.
Over the last three years, the retailer's profits per sharehave grown 65 percent and its share price has trebled.
"As a result of these exceptional gains, my share matchingplan (SMP) bonus has become more valuable than I could possiblyhave hoped. I am also in the very fortunate position to havesignificantly benefited as a shareholder," Wolfson, who sits inBritain's upper house of Parliament, said in the letter.
"In these circumstances, instead of accepting the award, Ihave asked the board if they will share it amongst all those whohave worked for the company during the three year SMP qualifyingperiod."
The bonus would be paid in May to all employees who haveworked with the firm since April 28, 2011.
In March, Next posted a 12 percent rise in annual profits to695.2 million pounds, driven by booming sales at its onlinebusiness - a figure likely to top that of rival Marks & Spencer for the first time.
Shares in Next were up 1 percent to 6,520 pence at 0905 GMT,having risen 56 percent in a year, valuing the company at around10 billion pounds. ($1 = 0.5971 British Pounds) (Reporting by Neil Maidment; Editing by Sarah Young)
Next (NXT)