John Lewis and Waitrose staff bonus cut to 10%

More than 90,000 John Lewis and Waitrose staff will see their staff bonuses cut to 10% of their annual salary.

The payout was cut for the third year in a row after staff were handed 11% last year, 15% the year before and 17% in 2013.

John Lewis Partnership, which is owned by the employees of the two retail chains, reported pre-tax profits before exceptional items of £305.5 million for the 52 weeks to the end of January 30 2016, down from £342.7 million last year.

The group said the partnership bonus of £145 million was equivalent to five weeks' pay and applied to 91,500 staff.