Mar 9, 2017
Morrisons steals John Lewis’s clothes
On Thursday, Morrisons reported rises in both like-for-like sales and operating profit for the first time in four years, while John Lewis said operating profit ignoring one-off benefits fell - leading to a fourth year of lower payouts for partners. Morrisons is raising its "Colleague bonus" to 9 per cent of profit and giving shareholders an 8.6 per cent higher dividend, covered twice by earnings. John Lewis is cutting partners' profit share to 6 per cent of earnings - the lowest since 1954. Morrisons warned of the impact on imported food prices. Last year, Morrisons reduced operating costs by £393m, taking three-year savings to £1bn, by improving the cost of goods, procurement and productivity.
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