John Lewis profits drop 17%
Friday 12 March 1999
However, a VAT refund means that the partnership's 39,000 staff will receive a profit share bonus equivalent to 19 per cent salary, although this is down from last year's 22 per cent payment.
This will give the entry level pounds 8,000-a-year shopfloor worker a pounds 1,400 pay-out while a pounds 24,000-a -year manager will get pounds 3,800.
Commenting on the outlook, Stuart Hampson, the John Lewis chairman, said: "I foresee a sticky few months ahead. The second half might be a little easier as we run towards the millennium, but this is a year for taking every week as it comes."
He added that he had seen nothing in Tuesday's Budget to lead to a "feel good factor". But he added: "All we need is for a little more confidence among consumers to blow non-food retailing out of the doldrums."
Furnishings and fabrics did well but the audio-television ranges were hit by "customer hesitation" as digital products are introduced.
Stripping out a pounds 33.5m VAT refund, profits fell 17 per cent to pounds 225m on sales up 2 per cent to pounds 3.5bn. Mr Hampson was downbeat on prospects for the group's 23 department stores, which saw flat sales last year. He pointed to "stagnant sales" at the turn of the year as an indicator of the immediate trading pattern.
The flat figures included the Cribbs Causeway store which opened near Bristol last year. Two other large stores are due to open at the Bluewater Park shopping centre, which opens in Kent on Tuesday, and at Glasgow's Buchanan Gallery at the end of the month.
Sales in the Waitrose supermarkets rose 3 per cent and a store expansion programme is under way at the chain.
New UK station Russia Today gives a very bizarre view of Britain
Top Gear presenter is no stranger to foot-in-mouth controversy
New essay by JK Rowling went live on Pottermore site this morning
Charlie Sheen could be set to revive his role as a hedonistic womaniser
Review: Alexandre Aja's film is a Twin Peaks-style mystery
Review: Mike Leigh's biopic is a rambling, rich character study
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 3 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Halloween 2014: From the Screaming Man of Pluckley to the 'White Lady' of the Tower of London - Britain's 20 most haunted places
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...