Britain's John Lewis Partnership has today reported a 45% drop in full-year profit.
It said this reflected subdued sales and margin pressure at its department stores business along with higher costs, particularly investment in technology.
The employee-owned business, which warned on profit last June, said it made a pretax profit before one off items of £160m in the year to January 26, down from £292.8m made the previous year.
The partnership also said it would pay its workers, which it calls partners, a bonus of 3% of salary. It paid a bonus of 5% last year – the lowest since 1954.