Has the time come to start worrying about John Lewis?

The chain has posted the third consecutive decline in profits and cut staff bonuses to their lowest since the early 1950s, writes James Moore

A candidate for 'rightsizing'? The chain's oxford street store (Reuters)

Our partners are the magic ingredient,” John Lewis says in its pitch to potential joiners. Their numbers look set to be limited for the foreseeable future while, after the lowest staff bonus since 1953, some of those on board must be wondering if Voldemort has found his way into the top echelon.

The retailer’s lower-paid staff are better off than some in its beleaguered industry. But they’re hardly rolling in it. The bonus many budgeted for and relied upon only coming in at of just 2 per cent salary – at that level it’s just a token payment – will come as a gut punch.

The really hard bit? With the coronavirus and Brexit wreaking havoc with the economy and a strategic review in progress, it might get worse before it gets better.