Mar 10, 2022
John Lewis to restore full-year bonus for staff after sales rebound
John Lewis has returned to paying its employees a full-year bonus and will become one of the few retailers to pay the "Real living wage" this year after sales at its department stores recovered to their highest-ever levels. The partnership, which is owned by its 78,000 staff, cut the bonus to zero last year for the first time since the 1950s but promised it would resume payouts once debt had been reduced and underlying profits were judged to be sustainably above £150mn. Profit before exceptional items was £181mn for the year to January 29, up 38 per cent from the previous year and more than double the 2020 level. John Lewis is one year into a five-year plan to reduce costs, invest heavily in stores and online and diversify into other business areas such as financial services and real estate to compensate for thin margins in the core retail business. Compared with the same period two years ago, before the pandemic struck, profit is up at John Lewis but down at Waitrose.
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