John Lewis Scraps Bonus for First Time Since 1948
It is the first time since 1948 that John Lewis will not pay a profit-sharing bonus to staff.
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John Lewis Partnership Plc won’t pay staff an annual bonus for the first time in more than 70 years, after a first-half loss added fresh evidence of Covid-19’s toll on British retail.
The 55 million-pound ($71 million) loss at the employee-owned partnership was mostly driven by a 10% drop in sales at John Lewis, the department store chain whose shops were closed for three months during the first half. Its other business -- the upmarket grocer Waitrose -- performed better with like-for-like sales rising by almost 10% as people bought more food while working remotely.