Last September, the group forecast profits for the year would

cheap adidas John Lewis staff might miss out on their annual bonus (Image: Getty)Get money updates directly to your inboxSubscribeSee our privacy noticeMore newslettersSales actually rose at Britain’s biggest department store, which also owns Waitrose, but full year profits are set to fall substantially despite setting a weekly sales record over Black Friday.Last September, the group forecast profits for the year would be substantially lower than 2017 18’s profit of million. And that means the bonus is in doubt.Chairman Sir Charlie Mayfield said: “Two main factors are affecting the retail sector oversupply of physical space and relatively weak consumer demand.”We continue to expect full year total Partnership profits to be substantially lower this year, driven by slower sales growth over the year and margin pressure in John Lewis Partners along with higher costs.”John Lewis is owned by its staff which it refers to as partners and as such it means that profits at the store are traditionally shared out to all staff each year.”The board will need to consider carefully in March, following the usual process, whether payment of a bonus is prudent in the light of business and economic prospects at that time.”John Lewis and Waitrose chairman Sir Charlie Mayfield to step downIn a Christmas trading update, John Lewis said like for like sales rise 1% in the seven weeks to January 5.Comparable sales at sister chain Waitrose rose 0.3%.”We had a positive Christmas trading period thanks to the extraordinary efforts of Partners in our business, delivering differentiated products and service to customers,” said Mayfield.Simon Underwood, business recovery partner at accountancy firm, Menzies LLP, said: “Recent trading performances have shown that no retailer has immunity from the challenging conditions, regardless of whether they are trading online, offline or both.”To stay profitable in the uncertain times ahead, they must stay focused on cash flow management, whilst reducing costs and prioritising profitable activities.”The shop is in a strong position overall, increasing free cash flow this year, reducing debt and increasing cash reserves.It has also invested in staff, raising wages significantly last year, while upgrading IT systems too.As shoppers abandon the high street in increasing numbers, things look tough for traditional retailers.House of Fraser fell into administration last year only to be rescued by Mike Ashley’s Sports Direct.Food sales at M fell 2.1% in the third quarter, while clothing sales were down 2.4% on a like for like basis. Overall sales dropped 3.1% compared to the same period last year with international sales worse off falling 15.1%Next reported sales Cheap jordans in stores fell 9.2% in the key trading period running up to Christmas, but was saved by a rise in online sales that outweighed this. cheap adidas

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