This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-46820912
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| John Lewis staff bonus in doubt | John Lewis staff bonus in doubt |
| (35 minutes later) | |
| John Lewis says sales in the seven-week Christmas period were 1.4% higher than for the same period last year. | John Lewis says sales in the seven-week Christmas period were 1.4% higher than for the same period last year. |
| However, that may not be enough to secure a bonus for its 83,000 staff this year, the firm said. | |
| Gross like-for-like sales, which strip out the impact of store opening and closures, at its Waitrose supermarkets, were £1.05bn, up 0.3% on last year. | Gross like-for-like sales, which strip out the impact of store opening and closures, at its Waitrose supermarkets, were £1.05bn, up 0.3% on last year. |
| The John Lewis department stores themselves saw sales of £1.1bn, up 1% on last year. | The John Lewis department stores themselves saw sales of £1.1bn, up 1% on last year. |
| Waitrose's online sales over the Christmas period were particularly strong, increasing by 12.8%. | |
| John Lewis said in its statement that, although it had the money to pay staff a small bonus, it would have to "consider carefully" whether paying one would be prudent this year. | |
| If the partnership decides not to, it would mark the first year since 1953 that staff had not had a profit share. | If the partnership decides not to, it would mark the first year since 1953 that staff had not had a profit share. |
| 'Substantially lower' | 'Substantially lower' |
| John Lewis' structure is unique. It is owned by its staff, who are called partners. | John Lewis' structure is unique. It is owned by its staff, who are called partners. |
| Typically in profitable years, staff at the 350 Waitrose and 51 John Lewis stores receive a share of these. In the very best years, these bonuses can add the equivalent of a few months' worth of pay. | |
| Sir Charlie Mayfield, chairman of the John Lewis Partnership, outlined the challenges facing shopkeepers: "Two main factors are affecting the retail sector - oversupply of physical space and relatively weak consumer demand. | |
| "Despite this, we had a positive Christmas trading period, thanks to the extraordinary efforts of partners in our business." | "Despite this, we had a positive Christmas trading period, thanks to the extraordinary efforts of partners in our business." |
| He said full-year profits would be "substantially" lower this year. | He said full-year profits would be "substantially" lower this year. |
| He stressed that the business was in a position to pay a "modest" bonus, but that the board would need "to consider carefully in March, following the usual process, whether payment of a bonus is prudent in the light of business and economic prospects at that time". | He stressed that the business was in a position to pay a "modest" bonus, but that the board would need "to consider carefully in March, following the usual process, whether payment of a bonus is prudent in the light of business and economic prospects at that time". |
| The partnership also said that Black Friday, which has become one of the most important trading days of the year, contributed to the biggest sales week in its history. | |
| John Lewis said at the start of January that the week running up to Christmas itself saw sales rise by 11% on the previous Christmas. | |
| John Lewis reported very strong sales on Christmas Eve itself - which was included in the last week of trading - as customers bought last-minute gifts. |