The retailer recorded a £78 million loss in the last year (Picture: Reuters)
Staff at John Lewis will miss out on their usual annual bonuses after the UK retail group recorded a £78 million loss in the last year.
This is only the second time in its long history since 1953 that employees will not be awarded a financial boost.
The group, which runs the department store chain and Waitrose supermarkets, is currently facing rising costs and unprecedented losses.
John Lewis recorded the multi-million pound loss before exceptional items for the year to January 28.
Shoppers walk past the John Lewis department store on Oxford Street in London (Picture: Reuters)
It represented a slump from a £181 million profit in the previous year, with bosses blaming ‘inflationary pressures’.
In a letter to staff, chairwoman Dame Sharon White said: ‘You’ve been exceptional in what has been another very tough year.
‘Two years of pandemic and now a cost-of-living crisis.
‘Inflation has had a big impact on the partnership and sent our costs soaring – up almost £180 million on last year.