Retail sector bellwether John Lewis Partnership saw its
annual pre-tax profits for the 53 weeks to January 31st fall by 9
per cent, causing it to reduce bonuses for its staff to 11 per cent. The
multichannel department store business had increased its sales during the year
by 9.2 per cent to £4.43 billion but increasing competition for Waitrose, which
achieved sales of £6.51 billion for the period,
impacted margins.
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