John Lewis and Waitrose staff members will not receive bonuses for the first time since 1953, after the group was hit with a multi-million pound lockdown loss.
Dame Sharon White, president of the John Lewis Partnership, told her partners the announcement would be a blow after posting a loss of $ 55million for the six months to July 25, after higher costs offset an increase revenues.
She said: The Partnership Council has now confirmed that there will be no bonus next year given our profit outlook.
I know this will be a blow to the partners who have worked so hard this year. The decision in no way detracts from the commitment and dedication you have shown.
The group found themselves in a similar situation in 1948 when the bonus was discontinued after World War II. We managed to be even stronger than before and we will do it again.
During the six months, the company announced the closure of eight John Lewis retail locations, which put 1,300 jobs at risk, as part of its turnaround efforts, including its travel centers at London Airport. Heathrow and London St Pancras, four At Home stores in Croydon, Newbury, Swindon and Tamworth, and two full-size department stores in Birmingham and Watford.
The company also announced plans to close three Waitrose stores at Ipswich Corn Exchange, Caldicot and Shrewsbury, while selling Waitrose Wolverhampton to Tesco, a move that will result in 124 job losses, but 140 Wolverhampton store employees will be transferred to Tesco .
Half-year figures released this morning show online sales growth to have been strong at 73%, helping to offset the impact of store closings, with overall sales down (10)% from last year .
Dame Sharon also said sales momentum was starting to build in reopened stores, with sales down about 30% from last year, ahead of expectations.
Stores in retail parks are down around 15% and doing better than city centers, particularly in London, which is down around 40%.
He said working from home has had a big impact on what people buy, with more TVs and tablets, fewer pants and sneakers.
She said online now accounts for over 60% of sales, up from 40% before the pandemic, forcing the company to reassess how much its stores are contributing to whether our customers are buying online or not, and before the crisis, stores contributed about 6 of every 10 spent online but now contributes about 3.
The first few weeks of trading have been encouraging, the group said, adding that services previously only available in-store, such as personal and household styling, beauty and nursery advice, have performed well.
Meanwhile, he said demand for Waitrose had rebounded strongly since its relationship with Ocado ended on September 1, with online orders increasing 9% in the first week.
Dame Sharon said: The pandemic has brought about changes in consumer buying habits that could have taken five years in five months.
Both brands entered the crisis with strong and established online businesses and, in the case of Waitrose, well-underway expansion plans in preparation for ending the relationship with Ocado.
Our digital activities were essential in supporting our performance in the first half of the year.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos