Bonuses shelved at John Lewis as retailer hints at job cuts

The John Lewis Partnership (JLP) – which owns and operates both John Lewis and Waitrose – has told staff that it will not pay bonuses this year after the company reported its second ever full-year loss.

On Thursday, the company reported losses of £234 million in the 2022 financial year. This figure was more severe than predictions, and was significantly worse than the 2021 loss of £27 million, which it at the time attributed to property write downs.

The employee-owned company reported an underlying pre-tax loss of £78 million – compared to analyst expectations of £50 million and 2021 pre-tax profits of £181 million.

In a message to staff, JLP chair Sharon White apologetically said that the company would not pay partners a bonus this year “or do as much as we would like on pay.” She said that the company would “continue to help with the cost of living in other ways” such as maintaining the levels of its financial assistance fund and providing support for travel, childcare and living costs.

White also hinted that the company could reduce staff numbers with an uncertain outlook ahead. She said: “As we need to become more efficient and productive, that will have an impact on our number of Partners. That’s a massive regret to me personally. It would be difficult enough in any business.

“It’s particularly tough in the Partnership, when everything we do is with one goal in mind: ‘happier people, happier business and happier world.”

    Share Story:

Recent Stories

Find out how HULFT can help you manage data, integration, supply chain automation and digital transformation across your retail enterprise.
Talking shop: retail technology solutions from Brother
Retail Systems editor Peter Walker sits down with Brother’s senior commercial client manager Jessica Stansfield to talk through the company’s solutions for retailers and hospitality businesses, what’s new in labelling technology, and the benefits of outsourcing printing.