John Lewis pays lowest bonus since 1953 as profits slump
John Lewis Partnership will pay staff its lowest bonus for more than 60 years after suffering a drop in full-year profits and a write-down in the value of its property.
The department stores and grocery group said profit before tax, exceptional items and the partner bonus fell 23.1% to £123m in the year to January 25, 2020. Gross sales slipped 1.5% to £11.5bn.
The partnership hailed a “solid” performance from Waitrose & Partners during the period. The upmarket grocer’s operating profits before exceptionals and IFRS 16 grew £10m to £213m. However, after excluding property profits of £16m, operating profit was down £6m.
By contrast, John Lewis & Partners’ operating profits before exceptionals and IFRS 16 slumped 65% to £40m, driven by weaker sales across the home and electricals departments, IT investment and pay increases for partners.
Already have an account? Sign in here
