John Lewis profit boost raises hopes for staff bonus
The John Lewis Partnership may be reinstating its staff bonus this year after a leaked memo revealed that the owner of the John Lewis department store and Waitrose supermarket chain has exceeded its £100 million annual profit target.
According to a report in The Mail on Sunday, the partnership’s profit has been boosted by strong Christmas sales at Waitrose and by major cost cutting moves. The news could also mean that the partnership’s chair, Sharon White, has made good progress in turning the business around despite the impact of the coronavirus pandemic.
Last year, the John Lewis Partnership cancelled its staff bonus for the first time in 67 years.
The Mail on Sunday said executive director for finance Berangere Michel told the partnership’s 80,000 staff in the memo that the business had broken through the £100 million target in December with a month of the financial year still to go.
However, she refused to commit to a reinstatement of the bonus when quizzed by staff in its internal communication system, but described the move as a possibility. She also remarked that the partnership’s Christmas trading performance had been a “superb achievement”.
The partnership is expected to announce its decision on the bonus when it unveils it annual results next month.
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