John Lewis staff face bonus cut
Friday 02 March 2012
Staff at John Lewis and Waitrose were today braced for their first bonus cut in three years as the employee-owned firm shows it is not immune from the economic downturn.
John Lewis Partnership publishes full-year results on Wednesday, when analysts expect it to announce a payout of between 12% and 14% of salary for the 77,000 staff, known as partners.
They were awarded 18% of salary from a bonus pot of £194.5 million last year, meaning the first reduction since 2009.
Neil Saunders, managing director of retail consultancy Conlumino, told the Financial Times: "Although John Lewis is outstanding in many ways, it is not immune from the wider pressures on the economy, and inevitably this will affect the bonus."
In September, John Lewis announced half-year profits fell by almost a fifth to £90.4 million after it was hurt by its promise never to be beaten on price, forcing it to match rivals' promotions.
One analyst has forecast pre-tax profits for the full year of £350 million, which compares with £366 million last year.
In weekly figures published today, John Lewis said department store sales for the seven days to last Saturday were flat on a year earlier at £54 million.
However, the performance was distorted by the timing of the half-term holiday and John Lewis pointed out that sales across February were 5.7% higher than last year.
- 1 Woman 'suffocates newborn baby in plastic bag and puts it in her desk minutes after giving birth'
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 Chinese student carries disabled friend to school every day for three years
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...