Pay for the chief executive of one of Britain’s most high-profile retailers, Next, dropped sharply by a little more than 55% in 2016–17, according to the company’s annual report.

Next revealed that Lord Wolfson’s pay dropped as a result of difficult trading conditions, which also saw pay for executives fall between 30% and 45%. No executive received a bonus, and long-term incentive plans saw a decreased vesting rate.

The annual report said the remuneration committee believes  its “rigorous approach to target setting and linking pay to performance means that the actual remuneration earned by the executive directors continues to be a good reflection of their and NEXT’s overall performance.

“Thus the challenging trading conditions encountered by the Company during the year and the reduction in the profit before tax in 2016/17 as compared with the previous year, are reflected in no executive directors’ annual bonus having been earned in 2016/17 and in decreased LTIP vesting rates as compared with the previous year.”

The pay drop comes amid news from a raft of companies that executive pay has either been cut or reviewed. Lord Wolfson, along with other executives, received only a 1% increase in salary.