British employee-owned retailer, the John Lewis Partnership, has launched a stra...
File Photo: Shoppers pass a branch of John Lewis in London, Britain, September 15, 2016. REUTERS/Toby Melville
LONDON - British employee-owned retailer, the John Lewis Partnership, has launched a strategic review of its business after reporting a 23% fall in annual profit, a third straight decline, primarily reflecting a dire performance from its department stores arm. The partnership also said on Thursday it would pay its 80,000 workers, which it calls partners, a bonus of just 2% of salary - the lowest since 1953 when it was omitted.
The group said it made a pretax profit before one off items and partnership bonus of 123 million pounds in the year to Jan 25, 2020, down from 160 million pounds in 2018-19. New chairman Sharon White warned it could take up to five years for a transformation of the business to show results.
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