Future Of British Business
John Lewis Cancels Employee Bonus as Losses Mount
- Department store chain skips bonus for second time in history
- Waitrose saw sales fall, big writedown on value of stores
John Lewis is finding it difficult to attract shoppers as the cost-of-living crisis makes consumers more thrifty.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
John Lewis Partnership Plc canceled staff bonuses for the second time in three years and warned of fresh job cuts after reporting a large loss amid intense competition in the British retail market.
The owner of the John Lewis department store and upmarket grocer reported a £234 million ($283 million) loss for the full year, driven in large part by a big writedown on the value of its struggling Waitrose stores. It’s only the second time since 1953 that staff haven’t received a bonus.