Cliff Notes
- The John Lewis Partnership reports a 73% increase in annual profits, reaching £97m, despite not awarding bonuses to staff for the third consecutive year.
- Group sales rose by 3% to £12.8bn, with the company reinstating its price promise following its suspension in 2022.
- New chair Jason Tarry emphasises a focus on regular pay increases rather than one-off bonuses, highlighting a 7.4% wage rise to enhance staff retention.
John Lewis Partnership profits leap but no bonus for third consecutive year
The John Lewis Partnership (JLP) has revealed a 73% rise in annual profits but says staff will receive no bonus for the third year in a row.The employee-owned business, behind John Lewis department stores and Waitrose supermarkets, said earnings over the 12 months to January came in at £97m – up from the £56m achieved in the previous year.
Group sales rose 3% to £12.8bn in a year when the department store chain restored its ‘Never Knowingly Undersold’ price promise that was scrapped in 2022.New chair Jason Tarry signalled a continued investment in its operations on the back of the improved profit performance and a focus on regular pay for staff, known as partners, over a one-off reward.A 7.4% wage rise was revealed earlier this month as the business moved to bolster retention amid the barren spell for annual bonuses that has only seen one paid out over the last five years.
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