(Bloomberg) -- Next Plc’s share price dipped after Chief Executive Officer Simon Wolfson sold £29 million ($39 million) worth of his stock in the British fashion and homewares retailer.
Wolfson has relinquished a total of 290,000 shares, the company said a regulatory filing on Friday. The shares made up about 20% of his holding, according to data compiled by Bloomberg. Before the sale he held about 1.4 million shares.
Next’s stock dipped 1.3% on the news. The retailer’s shares are up about 36% in the past 12 months.
Next widely outperforms the wider retail market, rising more than 90% in the last two years. Earlier this month, Next raised its profit guidance for the second time this fiscal year, citing strong performance in its overseas business.
This isn’t the first time Wolfson has sold shares — he has done it twice before. After the latest sale he will still own about £100 million worth of stock.
Wolfson’s decision comes ahead of a widely-anticipated budget from the UK’s new Labour government next month, with Chancellor of the Exchequer Rachel Reeves expected to raise taxes. Reeves has promised not to hike income tax or National Insurance, but has not ruled out changes to capital gains tax or other measures aimed at wealth.
Wolfson is a Conservative peer in the UK’s House of Lords and was a supporter of Britain’s exit from the European Union.
--With assistance from Paul Jarvis.
(Updates with details on Next results, chart, picture.)
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