Jan 10, 2019

John Lewis warns staff profit share may be suspended

UK high street stalwart John Lewis has said it might be forced to suspend its annual staff profit share for the first time since 1953. On Thursday Paula Nickolds, John Lewis managing director, said seasonal profits had been dragged down by the group's longstanding "Never knowingly undersold" promise to match rivals on price. John Lewis department store like-for-like sales were up 1 per cent year during the seven weeks to January 5 compared with last year, while Waitrose sales rose 0.3 per cent, excluding fuel. John Lewis said in September that underlying profits in the first half of its financial year had dropped 99 per cent to just £1.2m as the group invested in rebranding, staff, technology and new ranges. John Spedan Lewis, the son of founder John Lewis, introduced the first profit-sharing scheme in 1920, along with a representative staff council.

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