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John Lewis staff bonus hits lowest level for 67 years | Business

John Lewis and Waitrose staff are to receive a bonus of only 2%, their lowest payout in 67 years after the company reported a 23% fall in profits.

The John Lewis Partnership, which is owned by its staff through a trust, said profits fell to £123m in the year to 25 January, its third consecutive drop in annual profits.

The company said it was a “weaker performance than we had hoped for, driven by significantly reduced profitability in John Lewis”.

The bonus, given out as a proportion of annual pay, is the lowest since the group skipped the payment in 1953. John Lewis has more than 80,000 staff.

Scrapping the bonus would have been a tough start for the new chair, Sharon White, who makes her first public appearance on Thursday alongside the publication of the group’s full-year financial results. She took over from Charlie Mayfield in February.

White has already warned staff to prepare for “difficult decisions about stores and about jobs” during what she said was the group’s “most challenging period” since its inception in the 1920s.

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