LONDON (Reuters) – The new chairman of British retailer John Lewis warned on Thursday it could take up to five years to revive the employee-owned group hit by sliding profits.
File Photo: Shoppers pass a branch of John Lewis in London, Britain, September 15, 2016. REUTERS/Toby Melville
Sharon White, former head of UK telecoms and media regulator Ofcom who succeeded Charlie Mayfield last month, launched a strategic review as the department stores and supermarkets group reported a 23% drop in annual profit, a third straight fall.
The group also said it would pay its 80,000 workers, which it calls partners, a bonus of just 2% of salary – the lowest since 1953 when it did not pay a bonus.
“We need to reverse our profit decline and return to growth,” said White.
“This will require a transformation in how we operate as a partnership and could take three to five years to show results.”
The 156-year old John Lewis Partnership runs the eponymous department store chain and upmarket…
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