Next pockets £170m in interest charges from consumers

3rd Aug 2015 14:03

(ShareCast News) - FTSE 100 listed retailer Next banked close to £170m in interest charges last year from online and catalogue shoppers.The fine print of the retailer's results posted in March showed in the year to January Next banked £166.4m in interest charges, up about 10% on the previous year's £151.8m.Next accumulated interest through outstanding balances on their directories accounts, which at an annual percentage rate of 24.99%, higher than the typical 18-20% charged by typical bank credit cards.Last year 2.7m of Next's 3.6m shoppers used unsecured credit to buy clothes through its online and catalogue business.Shares in Next were down 0.25% to 7970p at 1330 BST.