{"id":160756,"date":"2019-01-10T08:03:14","date_gmt":"2019-01-10T08:03:14","guid":{"rendered":"https:\/\/www.theindustry.fashion\/threat-to-john-lewis-staff-bonus-as-profits-come-under-pressure\/"},"modified":"2021-08-12T13:54:39","modified_gmt":"2021-08-12T13:54:39","slug":"threat-to-john-lewis-staff-bonus-as-profits-come-under-pressure","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/threat-to-john-lewis-staff-bonus-as-profits-come-under-pressure\/","title":{"rendered":"Threat to John Lewis staff bonus as profits come under pressure"},"content":{"rendered":"<p>The John Lewis Partnership has warned that its annual <strong>staff bonus is under threat for the first time in living memory<\/strong> as it battles challenging trading conditions.<\/p>\n<p><!--more-->Around 83,000 staff are usually awarded the payout in March, but the retailer said on Thursday that it expected <strong>profits to be \u201csubstantially lower\u201d this year amid slower sales growth<\/strong>.<\/p>\n<p>Chairman Sir Charlie Mayfield said: \u201cThe board will need to consider carefully in March, following the usual process, <strong>whether payment of a bonus is prudent<\/strong> in the light of business and economic prospects at that time.\u201d<\/p>\n<p>The bombshell announcement came alongside the firm\u2019s Christmas trading update, which saw the department store chain book like-for-like sales <strong>growth of just 1% in the seven weeks to 5 January.<\/strong><\/p>\n<p>While <strong>fashion, beauty and womenswear performed well,<\/strong> the firm said profit margins remain under pressure in what is an \u201cintensely competitive pricing environment\u201d.<\/p>\n<p>Comparable sales at<strong> sister chain Waitrose rose by only 0.3%<\/strong>, despite a sharp reduction in the level of promotions.<\/p>\n<p>\u201cTwo main factors are affecting the retail sector \u2013 <strong>oversupply of physical space and relatively weak consumer demand.<\/strong><\/p>\n<p>\u201cWe continue to expect full year <strong>total Partnership profits to be substantially lower this year,<\/strong> driven by slower sales growth over the year and margin pressure in John Lewis &amp; Partners along with higher costs, mainly as a result of our continued investment in our IT capability,\u201d Sir Charlie added.<\/p>\n<p>The retail sector is coming under intense pressure as consumer confidence takes a knock from Brexit worries and costs rocket.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[13617,7938,4503,10529,10566],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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