John Lewis partners celebrate 14% bonus

The retail partnership John Lewis, has reported a fall in annual profits and cut its staff bonus for the first time in three years.

The company says profits were held back by greater investment and by matching prices of competitors.

Profit before tax and bonuses was £353.8m for the year to 28 January, down 3.8% from the previous year.

The bonus pool for the firm's workers was £165.2m or 14% of salary, down from 18% last year.

However, staff at the Stratford store in East London celebrated their windfall.