Bonus at John Lewis drops on Waitrose sales

first_img whatsapp Thursday 12 March 2015 10:22 pm Share Tags: City bonuses John Lewis Waitrose by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekMoguldom NationFather Of 2 Sues Los Angeles Hospital After Wife Dies During ChildbirthMoguldom Nationzenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesComedyAbandoned Submarines Floating Around the WorldComedyGameday NewsNBA Wife Turns Heads Wherever She GoesGameday NewsMoneyWise.com15 States Where Americans Don’t Want To Live AnymoreMoneyWise.com Show Comments ▼center_img Bonus at John Lewis drops on Waitrose sales whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof JOHN Lewis Partnership slashed staff bonuses to 11 per cent of pay, the lowest level for 12 years, after profits fell at its grocery chain Waitrose.The partnership’s 93,800 employees will receive a total pay out of £156.2m, which is equivalent to nearly six weeks’ salary.The supermarket price war, a deflationary market and a significantly higher level of investment in technology reportedly took their toll on Waitrose’s pre-tax profits, which fell by 23.4 per cent to £237m. In contrast, John Lewis reported a strong year, with record sales on Black Friday contributing to a rise of 9.2 per cent to £4.43bn and profit up 10.8 per cent to £250.5m.The department store slightly offset Waitrose’s declining figures and the partnership reported pre-tax profits of £342.7m, down nine per cent, for the 53 weeks to 31 January. In a revival bid last year, Waitrose launched click-and-collect service lockers in six tube stations, opened up cookery schools and launched gardening departments to some stores. Despite this, 2015 looks challenging for Waitrose with sales down 2.8 per cent after the first five weeks of the current year.Mark Price, the managing director of Waitrose, said cutting prices to compete in a “highly competitive and deflationary market” had cost the business between £35m and £45m.“To quote Churchill: ‘This is not the end, this is not even the beginning of the end but perhaps it is the end of the beginning.’,” he added. “There are dramatic changes in food retail, in shopping online, using convenience stores and eating out more. That change is going to take a long time to work through and not going to be over this year or next year. It is going to take the best part of a decade in my view.”He said that Waitrose would fight back by keeping prices competitive, offering high-quality fresh food and offering more services such as in-store cafes and restaurants and online ordering. Express KCS last_img