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John Lewis cuts bonuses to staff for the third year John Lewis cuts bonuses to staff for the third year
(about 1 hour later)
More than 90,000 John Lewis and Waitrose staff have seen their bonuses cut for the third year running, to 10% of their annual salary.More than 90,000 John Lewis and Waitrose staff have seen their bonuses cut for the third year running, to 10% of their annual salary.
Last year it was 11%, as against 15% in 2014 and 17% in 2013.Last year it was 11%, as against 15% in 2014 and 17% in 2013.
The partnership announced a 24% rise in annual profits before tax to £435m, ending 30 January.The partnership announced a 24% rise in annual profits before tax to £435m, ending 30 January.
However, higher pension charges and lower property profits meant pre-tax profits before exceptional items fell to £305.5m, from £343m last year.However, higher pension charges and lower property profits meant pre-tax profits before exceptional items fell to £305.5m, from £343m last year.
It said the pension operating cost was £245.3m, an increase of £54.2m or 28.4% on the previous year's costs.
Sir Charlie Mayfield, chairman of John Lewis Partnership, said: "The partnership has delivered a healthy trading performance and increased market shares in challenging conditions."Sir Charlie Mayfield, chairman of John Lewis Partnership, said: "The partnership has delivered a healthy trading performance and increased market shares in challenging conditions."
Waitrose, which is owned by the same partnership, reported an operating profit of £232.6m. Some staff at the partnership have reacted positively on Twitter to the bonus announcement, which is the equivalent of five weeks' pay, saying it is better than they expected.
This was down 2% on last year, but excluding property profits, John Lewis said it was up 2.5% because of improved productivity, cost-cutting and improvements in their supply chain. Waitrose, which is owned by the same partnership, reported an operating profit of £232.6m, which was 2% down on last year.
The partnership said this was against a backdrop of price cuts in the supermarket sector and continuing food price deflation.The partnership said this was against a backdrop of price cuts in the supermarket sector and continuing food price deflation.
John Lewis shops saw its operating profit before exceptional items fall slightly, to £250m.
John Lewis said that trading conditions would remain difficult, especially in food retailing, but it expected to perform comparatively well against its rivals.