Jan 12, 2017
John Lewis warns bonuses will be significantly lower
John Lewis has warned staff that their annual bonus will be "Significantly lower" than last year as it revealed that profits were under pressure from the weaker pound and increased investment costs. The group, which owns supermarket chain Waitrose, employs its staff as "Partners", and allows them to take a share of the profits as a bonus each year. Sir Charlie Mayfield, chairman of the group, said profits would be boosted by lower pension accounting charges but that long-term pressures remained on the retail group. Both John Lewis and Waitrose reported strong Christmas trading figures. Like-for-like sales at Waitrose rose 2.8 per cent, and at John Lewis rose 2.7 per cent.
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