John Lewis has warned the staff bonus may not happen this year due to a fall in Christmas sales and warned profits are expected to be “substantially down on last year.”
The board of directors are due to meet in February to discuss the staff bonus and decide if it is “prudent” to pay any bonus.
The traditional staff bonus will be “influenced by our level of profitability, planned investment and maintaining the strength of our balance sheet,” the partnership said.
Christmas sales were down by 2% on a like-for-like basis, in the seven weeks from 17 November to 4 January, sales in home and technology department were down by 3.4% and 4% respectively.
The last time John Lewis staff did not receive a bonus was in 1953.