John Lewis announces a huge fall in annual profits
Staff bonuses have been cut and stores are set to close
Retail giant John Lewis Partnership has said it will pay out its lowest staff bonus since 1953 as it revealed a 23% profits plunge and store closure plans.
The group said it is cutting its staff bonus for the seventh year running, to 2% of annual salary, after seeing underlying pre-tax profits tumble to £123 million for the year to January 25.
New chairwoman Dame Sharon White - who took the helm at the group behind John Lewis department stores and Waitrose supermarkets last month - outlined a plan to return the group to profit growth, including "right sizing" its store estate and slimming down its head office.
She also hinted that the retailer's long-time slogan "Never Knowingly Undersold" price match could be "modernising" as it struggles to compete on price with online giants and discount events at rivals.
Published: by Radio NewsHub