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John Lewis has once more warned its workers there will not be a bonus this yr, citing a “uniquely unsure” financial outlook.
In her letter to greater than 70,000 companions, who personal the enterprise, chair Dame Sharon White stated {that a} profitable Christmas was extra essential than ever this yr.
“We’ll want a considerable strengthening of efficiency, past what we normally obtain within the second half, to generate enough revenue to share a partnership bonus with companions,” she stated.
Nonetheless, the group additionally stated it will make a one-off price of dwelling fee of £500 instantly, and had already stated it will present free meals for employees for 14 weeks over the busiest interval of its yr.
The group, which contains the John Lewis malls and the Waitrose grocery store chain, made a pre-tax lack of £99mn within the first six months in contrast with a lack of £29mn final yr. First-half losses are pretty frequent on the group due to its seasonality.
Similar-store gross sales at John Lewis have been up 3 per cent, helped by the success of its entry-level Anyday ranges.
However gross sales at Waitrose fell by 5 per cent, as common basket sizes have been almost a fifth smaller.
John Lewis didn’t present a full-year revenue forecast however stated it will step up its effectivity efforts to assist mitigate a choice to soak up round £500mn of price will increase within the present monetary yr, reasonably than move them on to clients.
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