John Lewis staff payout could end
JOHN Lewis could scrap their staff bonus for the first time since 1953 after complaining of “no let-up” in tough trading.
The cherished reward was cut to five per cent of workers’ salaries after annual profits plunged more than two-thirds.
But Sir Charlie Mayfield, chairman of the John Lewis Partnership, said: “If the right answer was to have zero bonus, we would have a zero bonus – I’ll be absolutely clear about that.”
About 85,500 “partners” at the workerowned group shared a £74million bonus pot for last year.
But Mayfield said it was important to plough money into areas to ensure the group’s long-term future.
The retailer yesterday revealed profits had dived 67 per cent to £178million in the year to the end of January.
One reason was a £50million bill for their Waitrose arm due to the weak pound, which fell sharply after the Brexit vote and drove up costs of imported goods.
The supermarket only clawed some of that back from higher prices, leading to a 32 per cent drop in operating profits.
Waitrose, the biggest part of the group by sales, aim to open just one new fullsize THE Co-op have been forced to apologise over their treatment of suppliers after the grocery regulator opened an investigation into their supermarket arm.
Christine Tacon, the groceries code adjudicator, said they had a JINGLE Last year’s hit festive advert supermarket this year. The 49 John Lewis department stores, famed for their Christmas ads, fared better – but a 10 per cent online sales rise was offset by a three per cent fall in shop takings.
Sales at John Lewis over the past five weeks were “significantly” hit by the heavy snow but rose 2.4 per cent at Waitrose.
Mayfield warned profits would come under “further pressure” in the year ahead, adding: “We are not expecting any let-up.”
About 1400 workers were made r edundant last year.
And Mayfield warned “the number of partners will decline because of changing technology and longer contracted hours”. “reasonable suspicion” that the Co-op broke supplier rules.
The allegations relate to “de-listing and the introduction of benchmarking and depot quality control charges” for suppliers from early 2016 to at least summer 2017. SHARES in estate agency slumped Countrywide low after to an all-time they fell they revealed the red last £212million into biggest listed year. Britain’s such as group, with chains and Hamptons, Bairstow Eves by a botched have been hit and a business shake-up weak housing market.