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Supermarket price war hits profits at John Lewis Partnership
March 12, 2015 / 9:37 AM / 3 years ago

Supermarket price war hits profits at John Lewis Partnership

LONDON, March 12 (Reuters) - Britain’s John Lewis Partnership posted a 9 percent fall in underlying profit on Thursday after an industry price war hit its Waitrose supermarket business, forcing it to cut its staff bonus payout for a second straight year.

The employee-owned group, which runs Britain’s biggest department store chain as well as its sixth largest supermarket, reported profit before tax and exceptional items of 342.7 million pounds ($512.8 million).

John Lewis said its 90,000 staff, known as partners, would be paid a bonus of 11 percent of salary, equal to nearly six weeks pay, down from 15 percent last year. ($1 = 0.6682 pounds) (Reporting by Kate Holton, Editing by Paul Sandle)

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