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John Lewis has paid out its lowest bonus to staff since the 1950s as profits plunged last year amid "challenging" trading.

The retail partnership - which includes Waitrose supermarkets - said staff would receive a 3% bonus, the lowest since 1953 when workers got no bonus.

Profits at the partnership sank last year by more than 45% to £160m.

It blamed poor home sales, discounting, higher IT costs and the cost of opening two new stores last year for the drop.

John Lewis' famously promises that is "never knowingly undersold", meaning it matches its High Street rivals' prices.


BBC News

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