John Lewis bonuses at risk as new boss lays out its woes with annual profits expected to be close to zero
The new boss of John Lewis will lay bare the dire state of the department store chain next week when she is expected to reveal annual profits at close to zero.
Dame Sharon White, 52, who took over at the start of this month, will publish figures on Thursday that could also see its much-coveted staff bonus threatened for the first time since 1953.
The former high-flyer at the Treasury and Ofcom has joined John Lewis despite having no retail experience.
John Lewis boss Dame Sharon White, 52 will publish figures on Thursday that could also see its much-coveted staff bonus threatened for the first time since 1953
Profits look set to have collapsed last year, having fallen from £541million in 2017 to £162million in 2018.
Independent retail expert Andrew Busby said: ‘The signs have been there a good few years.
‘You just don’t get the buzz of excitement when you walk round John Lewis any more.’
White must oversee the merger of head office roles for John Lewis Partnership’s two businesses – the department store chain and Waitrose supermarkets – and axe a third of managers in a bid to save £100million a year.