John Lewis Cuts Staff Bonus by 15% After Annual Profit Declines

John Lewis Partnership Plc, owner of the U.K.’s largest department-store chain, said annual profit fell 3.8 percent and reduced its staff bonus for the first time in three years after matching competitors’ discounts.

Pretax profit declined to 353.8 million pounds ($557 million) in the year ended Jan. 28, from 367.9 million pounds a year earlier, the employee-owned company said today. John Lewis cut the staff bonus by 15 percent to 165.2 million pounds.