Health Care

John Lewis staff face more redundancies after annual bonus is slashed

John Lewis staff face more redundancies after annual bonus is slashed

Operating profit before exceptionals at John Lewis rose 4.5% to £254.2 million, but Waitrose, also part of the partnership, saw profits collapse.

Sir Charlie Mayfield, chairman of John Lewis Partnership said: 'As we anticipated, 2017 was a challenging year.

'The number of partners will come down as a effect of that'.

It comes as the partnership - which owns the eponymous department store and upmarket supermarket Waitrose - posted a 77% plunge in bottom line pre-tax annual profits to £103.9m after one-off charges.

Reporting its results for the 52 weeks to 27 January, John Lewis Partnership said like-for-like sales at Waitrose had risen 0.9 per cent to £6.75 billion, with growth accelerating in the second half of the year.

Staff still on board after the latest round of redundancies will be handed a bonus of five per cent of annual salary, with 85,500 partners sharing out a pot worth £74 million, down from £89.4 million the previous year.

Karnataka unveils official state flag, now awaits Center's nod
J&K, however, has been given a special status under the Constitution and is hence allowed to have its own flag. The Karnataka government on Thursday (March 8) announced that it has adopted Karnataka State Flag.

He added that the company had chosen to cut the proportion of profits paid as partnership bonus in order to absorb the impact of tough trading "while continuing to invest in the future and in strengthening our balance sheet".

"We have seen margins coming under pressure, and in fact, if anything, they came under more pressure probably than we had anticipated", he told reporters at a press conference.

He also cautioned that the group expects "further pressure on profits" over the year ahead amid volatile trading. "Profit before partnership bonus, tax and exceptional items was down 21.9% mainly as a result of intensifying margin pressure in Waitrose".

The supermarket, a Top50 retailer in IRUK Top500 research, said lower margins in food, as it decided not to pass all cost increases to its shoppers, and investments in customer experience had hit profits over the year.

Sales at the department stores chain rose 2.2% to £4.84bn, with growth of 0.4% at stores open more than a year. Consumer demand was subdued and we made significant changes to operations across the Partnership which affected many partners.

Although sales were up in both Waitrose (+1.8%) and John Lewis (2.2%) stores, the company says that profits declined sharply 2017, largely due to lower gross margins in Waitrose, driven by weaker exchange rates and commitment to competitive pricing.


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