John Lewis Partnership (JLP) has announced staff bonuses are to be cut for the sixth consecutive year, the company has reported a drop in their annual profits.
JLP said the staff bonus will be reduce to 3% of the annual salary, 83,000 JLP partners bonus pot worth £44.7m was down from £74m the previous year.
Sir Charlie Mayfield, chairman said, “In line with expectations set out in June, our Partnership profits before exceptionals have finished substantially lower in what has been a challenging year, particularly in non-food.”
He warned that trading conditions are set to remain challenging in 2019, but that the partnership was “confident in our strategic direction and customer offer across both brands.”
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