John Lewis has axed its staff bonus for a second time and signalled job cuts are in the pipeline, after what it described as a "very tough year". The department store firm, which also owns Waitrose supermarkets, reported a £234m pre-tax loss. Partnership chair Dame Sharon White said the stores had attracted more customers, but they had spent less. She said the losses meant bonuses could not be issued this year for the second time since it began the scheme in 1953. But the firm said it faced a "more challenging environment" and was tripling its target to make savings from £300m to £900m by January 2026. It said savings would be made through the sale of assets, such as its Berkshire golf club, and by improving productivity. John Lewis said its long-term aim was for almost half (40%) of profits to come from outside of shops by 2030. But Dame Sharon said soaring prices last year had "hit us like a hurricane" and that customers had "felt the pain". Despite Waitrose reporting more shoppers in the year to the end of January, customers spent less. It said the size of the average basket fell by 15% and people were buying cheaper items.
