John Lewis cut staff bonus
Waitrose, which is owned by the John Lewis Partnership, saw a drop in profits, which basically wiped out any profit growth from the department store.
Chairman, Sir Charlie Mayfield, noted that returns from Waitrose are going to be "materially lower for a period of time", but the outlook for the group was "robust". In a statement, he said: "Profit before Partnership Bonus, tax and exceptional items is down 9.0 per cent with increased profits in John Lewis offset by a decline in Waitrose."
Again, the people being blamed for this are Aldi and Lidl, who somehow, have managed to make every other retail business in the UK fall to its knees and sob. It's almost like they rely on a more simple plan of consistently cheaper goods, rather than fluctuating offers and deals, which consumers seem to prefer and other shops could easily copy.
Sales at John Lewis itself grew and their 'Click And Collect' service has been deemed successful enough to continue with. However, Waitrose needs to get a finger out if the group wants to start performing well again.
Maybe they could save some money by not spending daft amounts on Christmas adverts every year?
TOPICS: High Street News