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John Lewis staff bonus cut again John Lewis staff bonus cut again
(35 minutes later)
Bonuses for staff at John Lewis and Waitrose have been cut for the fourth year in a row. Bonuses for 86,700 staff at John Lewis and Waitrose have been cut for the fourth year in a row.
Employees will receive a bonus of 6%, more than three weeks' wages, this year, down from 10% last year.Employees will receive a bonus of 6%, more than three weeks' wages, this year, down from 10% last year.
The partnership decided to hold back more of its annual profit in order to strengthen its balance sheet. The partnership decided to hold back more of its annual profit in the face of an "increasingly uncertain market this year".
"This allows us to maintain our level of investment in the face of what we expect to be an increasingly uncertain market this year," John Lewis said. The group, which runs department stores and supermarkets, also warned of price pressures and intense competition.
It added that it expected inflationary cost pressures and competition to intensify in the market as a whole.
"In the year ahead, trading pressures will continue as a result of the wider changes taking place in retail," the statement said."In the year ahead, trading pressures will continue as a result of the wider changes taking place in retail," the statement said.
"The two major influences are pricing, where the rate of change in selling prices is likely to be significantly slower than the rate of change in input costs as a result of weakness in the sterling exchange rate, and the continued shift from shops to online.""The two major influences are pricing, where the rate of change in selling prices is likely to be significantly slower than the rate of change in input costs as a result of weakness in the sterling exchange rate, and the continued shift from shops to online."
The partnership also announced a rise in sales and profits.The partnership also announced a rise in sales and profits.
Profit, before the partnership bonus, tax and exceptional items, rose 21.2% to £370.4m.Profit, before the partnership bonus, tax and exceptional items, rose 21.2% to £370.4m.
Overall sales rose 3.2%, with both John Lewis and Waitrose increasing their market share.Overall sales rose 3.2%, with both John Lewis and Waitrose increasing their market share.