Belfast Telegraph

John Lewis and Waitrose cuts staff bonuses yet again

By Roger Baird

More than 90,000 John Lewis and Waitrose staff will see their staff bonuses cut to 10% of their annual salary.

The payout was cut for the third year in a row after staff were handed 11% last year, 15% the year before and 17% in 2013.

John Lewis Partnership, which is owned by the employees of the two retail chains, reported pre-tax profits before exceptional items of £305.5m for the 52 weeks to the end of January 30, 2016, down from £342.7m last year.

There was a small glimmer of hope among fans of John Lewis that the retailer could set up in Belfast, after a UK firm bought the Royal Exchange development - with speculation it could be attracted to the spot.

The group said the partnership bonus of £145m was equivalent to five weeks' pay and applied to 91,500 staff.

The group's results came under pressure as the supermarket price war continued to hit Waitrose, which saw profits fall to £232.6m for the year.

Belfast Telegraph