John Lewis boss quits as chain warns it may ditch bonus

Department store chain and Waitrose owner says dip in key Christmas sales dented profits

John Lewis has warned it could ditch the annual bonus for its 81,000 employees as it flagged another big fall in profits and announced the departure of its department store boss.

Paula Nickolds, who has been at the partnership for 25 years, is stepping down by mutual agreement next month before a previously announced management restructure. She has led the department store chain for three years, during which its profits have dived from more than £250m to potentially less than £50m this year.

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