STAFF at John Lewis and Waitrose will have their bonuses cut to the lowest level since 1954 after annual profits fell by 45.5 per cent last year. The John Lewis Partnership – which includes t…
The John Lewis Partnership - which includes John Lewis and Waitrose - said it will reduce the bonus to three per cent of staff's annual salarySTAFF at John Lewis and Waitrose will have their bonuses cut to the lowest level since 1954 after annual profits fell by 45.5 per cent last year.
In total, 83,000 partners will now share a pot worth £44.7million, down from £74million the previous year.the latest figure down from five per cent last yearThe bonus began in 1920 and was originally paid out in the form of stocks and shares in the company. In 1970 it was converted to the cash bonus staff get today.
Overall revenue rose one per cent to £10.3billion for the period ending January 26, but operating profits were down due to challenges at John Lewis.Operating profit at Waitrose climbed this year, but the partnership was hurt by falling profits at John Lewis He warned that trading conditions are set to remain challenging in 2019, but that the partnership was "confident in our strategic direction and customer offer across both brands".
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