John Lewis profits fall to almost HALF as bonuses are slashed to just 3%

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John Lewis profits fall to almost HALF as bonuses are slashed to just 3%

John Lewis profits fall to almost HALF as bonuses are slashed to just three%

Thousands of staff at John Lewis and Waitrose are to see their bonuses reduce for the 6th consecutive yr after the retail massive published a 45.Four% fall in annual profits.

The division retailer will scale back its famend group of workers bonus to three% of annual wage, with 83,000 companions sharing a pot price £44.7 million, down from £74 million the former yr.

It marks the 6th consecutive yr that bonuses were dropped – down from five% final yr and 17% in 2013..

Sir Charlie Mayfield, spouse and chairman of the John Lewis Partnership, mentioned the grocery store has suffered a in particular difficult yr, in particular in meals.

“The Board has awarded a Bonus at 3%,” he mentioned.

“This enables us to continue debt reduction, maintain our level of investment and retains solid cash reserves to cope with the continuing uncertainty facing consumers and the economy. We expect 2019 trading conditions to remain challenging but are confident in our strategic direction and customer offer across both brands.”

gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw== - John Lewis profits fall to almost HALF as bonuses are slashed to just 3%
In 2013 the group of workers bonus was once a hefty 17%
(Image: JASON ALDEN)

However a observation added that whilst group of workers will see their annual rewards slashed, many companions may have benefited from new management and apprenticeship schemes previously yr.

“We have additionally made important funding in our Partners all the way through the yr, in particular in management building, apprenticeships and pay, with our moderate hourly charge for non-management Partners emerging to £nine.16, 17.zero% above the National Living Wage. We be expecting that moderate hourly charge of pay to building up via round Four.five% following our April 2019 pay assessment.”

The partnership, which contains upmarket grocery store Waitrose, warned in January that it could have to awl the famend payout for the primary time since 1953 amid difficult buying and selling stipulations.

Sales had been up 1% around the workforce at £10.three billion. After stripping out remarkable pieces and the bonus payout, pre-tax benefit was once up nine.2% at £117.Four million.

Operating benefit at Waitrose was once up 18% to £203.2 million.

However, it was once down sharply at John Lewis, falling 56% to £114.7 million as a result of weaker house gross sales, margin power, upper IT prices, the valuables affect of recent retail outlets and decrease profits on asset disposals.

“Operating profit recovered strongly in Waitrose & Partners, up 18% (to £203.2m), mainly due to improved gross margins. However, it was down sharply, by 56% (to £114.7m), in John Lewis & Partners because of weaker home sales, gross margin pressure, higher IT costs, the property impact of new shops and lower profit on asset sales. Despite this, we managed cash tightly and reduced total net debts by £401.3m,” Mayfield mentioned.

“While Partnership profits had been down, there have been a number of spaces the place we’ve got observed efficiency transfer ahead, in particular in spaces the place we’ve got invested. In John Lewis & Partners the release of our own-brand Womenswear and enlargement of private styling be offering has pushed sturdy gross sales enlargement in Fashion, rising marketplace percentage considerably.

“In addition, the funding in entrance line carrier delivered highest ever buyer enjoy rankings in John Lewis & Partners. In Waitrose & Partners, important funding in Waitrose.com, new buyer smartphone apps and buyer supply products and services has led to a powerful building up in on-line grocery gross sales of 14%, neatly forward of the marketplace, and higher on-line buyer pleasure,” he added.

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