Sharon White

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Paula Nickolds was John Lewis ' first female Managing Director

retail group John Lewis Partnership has warned that its employee bonus in doubt will be, as reported a Fall In festive sales at its Department Store chain.

It warned that the annual partnership profits were expected to be "substantially below the previous year".

The Board will decide in February whether to pay it "smart", the Personal bonus, the partnership said.

In a surprise announcement, John Lewis & partners Managing Director Paula Nickolds said will step down.

The partnership is the combination of the executive team behind John Lewis and Waitrose in a team, and it was expected to become the executive director of the brand in the next month, when the teams merged.

John Lewis said: "After some reflection on the responsibility of her proposed new role, we have decided together to move on the implementation of The Future partnership structure in February is The Right time for you. "

Ms Nickolds was The First woman to the Managing Director of the partnership, worked their way up after joining as a trainee in 1994.

you can leave the partnership next month.

'perspectives on change'

It is a big change at The Top of the partnership in February, when the former top official Sharon White takes over the presidency.

Outgoing Chairman Sir Charlie Mayfield said the decision for Ms Nickolds, was to step down by the two.

"Paula was a brilliant leader of this business for many years," he said. "Together, we have decided now is the time to step away. "

Ms Nickolds was a Rising Star in the industry. When asked what had changed between October and January, Sir Charlie said: "Things Change . People, the requests, the perspective of the people change.

"My position is to do what we have done and what we are doing is The Right thing to do. "

Bonus warning

The decision of whether or not said you have to pay the traditional employee bonus, which will be made from Ms, White will be "has to be in our profitability, the planned investments and maintaining the strength of our balance sheet", the partnership.

The John Lewis Partnership is owned by its employees, known as partners.

The Last time that the employee does not receive a bonus, was in the year 1953.

But whether or not it would be paid for.

In March 2019, the partnership, after a plunge in profits.

John Lewis warned that This Time , in full-year profits may not be enough for you, the payout of bonus.

The partnership, as it warned of a "difficult" trading conditions and "subdued consumer confidence".

He said on Thursday that they reverse those losses would be, but it warned that the profit would still be "significantly below" the year-on-year.

Sir Charlie said that profits had been hit ", because we are competitive because we match prices".

John Lewis has a price comparison promise, enshrined in its "never knowingly under sold" slogan, which provides that it is to match the prices of High Street competitors, but not those of your online competitors.

Trading conditions are tough at the moment, he said.

"Unfortunately, you can't choose The Weather . If The Weather is nice, make hay - and we did.

"you have to sow the winter, the seed for the next crop. "

Festive sales

Christmas sales at John Lewis Department stores were said to be 2% on a like-for-like basis, the partnership.

sales in its home and technology departments were weak, down 3. 4% and 4%, respectively, in the Seven Weeks from the 17. November to 4. January.

But, he said, a beauty-Department sales 4. 7% and Black Friday Department Store sales increased by 10%.

At the same time, Waitrose sales 0. 4%, the Sir Charlie described as "a good revenue performance" in a "weaker grocery market".

Julie Palmer, a partner at that was Begbie's Traynor, said the results were "a huge bump on John Lewis ' recovery plans".

"A company that put on a pedestal as The Future of the retail business of the government and the analysts had taken their legs out from under him, so that it is beat to stumble and injured in 2020," She Said .

"never promise "to continue to erode margins, as it tries to compete on price with competitors, the cost through streamlined work processes and reduced overhead knowingly undercut"," She Said .

"shall The provisions of this promise, must be reviewed and renewed, if the trader start to rotate, and a savvy operator with a Treasury of experience as Sharon Knows just the kind of spirit can be added needed to do it," Ms Palmer.

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Source of news: bbc.com