Mar 7, 2019

John Lewis bonus lowest since 1954 as profits plunge

PA John Lewis has paid out its lowest bonus to staff since the 1950s as profits plunged last year amid "Challenging" trading. The retail partnership - which includes Waitrose supermarkets - said staff would receive a 3% bonus, the lowest since 1954 when workers received 4%. The annual staff bonus has been reduced every year for the past six years due to difficult trading conditions. "That's evident in our results, especially in John Lewis & Partners, where we saw near constant discounting across many categories from October onwards in response to the combination of subdued demand, excess retail space and some other retailers' distress," it said. Typically in profitable years, staff at the 350 Waitrose and 51 John Lewis stores receive a share of the profits. Sir Charlie Mayfield, chairman of the John Lewis Partnership, said the lower bonus would help the company to preserve cash and invest "To cope with the continuing uncertainty facing consumers and the economy".

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