March 7, 2019 / 9:40 AM / 4 months ago

John Lewis Partnership profits down 45 percent in 2018

LONDON, March 7 (Reuters) - Britain’s John Lewis Partnership on Thursday reported a 45 percent drop in full-year profit, reflecting subdued sales and margin pressure at its department stores business along with higher costs, particularly investment in technology.

The employee-owned business, which warned on profit last June, said it made a pretax profit before one off items of 160 million pounds ($212 million) in the year to Jan. 26 2018, down from 292.8 million pounds made in 2017-18.

The partnership also said it would pay its workers, which it calls partners, a bonus of 3 percent of salary. It paid 5 percent last year - the lowest since 1954. ($1 = 0.7595 pounds) (Reporting by Kate Holton; editing by Andy Bruce)

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