«Breaking News» John Lewis workers see bonuses slashed for sixth year in a row

Staff at John Lewis Partnership will have bonuses cut for the sixth consecutive year as the retail giant revealed a 45.4 per cent fall in annual profits to £160million.

The group said it will reduce the renowned bonus to 3 per cent of annual salary, with 83,000 partners sharing a pot worth £44.7million, down from £74million the previous year.

John Lewis has now cut the bonus for six years running, and the latest figure is down from 5 per cent last year.

John Lewis has now cut the bonus for six years running, and the latest figure is down from 5 per cent last year

The partnership, which includes upmarket supermarket Waitrose, warned in January that it might have to axe the renowned payout for the first time since 1953 as it battles challenging trading conditions.

Chairman Sir Charlie Mayfield said: 'In line with expectations set out in June, our partnership profits before exceptionals have finished substantially lower in what has been a challenging year, particularly in non-food.

Pictured, left, chairman Sir Charlie Mayfield, who admits it's been a 'challenging year' for John Lewis as Waitrose (right) recovered its operating profit, climbing 18 per cent to £203.2million 

'The board has awarded a bonus at 3 per cent. 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.' 

In contrast, operating profit at Waitrose recovered, climbing 18 per cent to £203.2 million. The supermarket's like-for-like sales jumped 1.3 per cent. 

The news of John Lewis slashing bonuses comes amid a wave of profit losses sweeping high street giants. 

Just six days ago LK Bennett admitted it was working with Ernst & Young to help decide the 'best way through' the upcoming 'difficult and unstable times.' 

Its undoing was blamed by commentators on high prices and a failure to compete well enough with rivals offering same or next day delivery services.

Shoppers at the chain complained that it had become too expensive since it was revealed to be a favourite of the Duchess of Cambridge. 

The move comes after LK Bennett reported losses of £5.9 million in 2016/2017, compared with a £100,000 profit in the previous 12 months.

LK Bennett's founder, Linda Bennett emailed staff on March 1 about the intention to file for administration.

 

Link hienalouca.com

https://hienalouca.com/2019/03/07/john-lewis-workers-see-bonuses-slashed-for-sixth-year-in-a-row/
Main photo article Staff at John Lewis Partnership will have bonuses cut for the sixth consecutive year as the retail giant revealed a 45.4 per cent fall in annual profits to £160million.
The group said it will reduce the renowned bonus to 3 per cent of annual salary, with 83,000 partners sharing a pot worth ...

It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.

Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.

Dianne Reeves Online news HienaLouca





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