John Lewis staff brace themselves for bonus cut
John Lewis is widely expected to announce a cut in its staff bonus when it publishes its full-year results next week.
Analysts are anticipating that staff will receive payouts of between 12% and 14% of their salaries, in the first bonus cut for three years.
Last year John Lewis awarded staff 18% of salary from a bonus pot of £194.5 million.
Neil Saunders, managing director of retail consultancy Conlumino, told the Financial Times: “Although John Lewis is outstanding in many ways, it is not immune from the wider pressures on the economy, and inevitably this will affect the bonus.”
Last September John Lewis said its operating profit had decreased by 54% to £15.8 million in the six months to 30 July 2011 partly as a result of the retailer’s commitment to be never beaten on price which forced it to price match promotions offered by competitors.
