151-year old department store chain John Lewis reported a full-year profit fall of nearly 11 percent, and reduced their staff bonus to 10 percent of their salary.

John Lewis Partnership pay their employees – known as partners – an annual bonus as a percentage of their salary. This year it has fallen to 10 percent, down from 17 percent three years ago.

However, the group also announced a 24 percent rise in annual profits before tax to £435 million, ending 30 January.

Sir Charlie Mayfield, chairman of John Lewis Partnership, said: “The partnership has delivered a healthy trading performance and increased market shares in challenging conditions.”

Its supermarket division Waitrose saw a 2 percent fall in operating profit to £232.6 million, with a 0.4 percent rise in sales on a like-for-like basis. Like-for-like sales at John Lewis department stores rose by 3.6 percent.

10/03/2016