The owner of John Lewis and Waitrose has tripled profits to £126m but workers at the staff-owned retail group have missed out on a bonus for a third year in a row.
The John Lewis Partnership (JLP) said sales rose 3% to £12.8bn in the 12 months to 25 January 2025, as underlying profit rose from £42m. However, the company said it was prioritising investment over the bonus with plans to spend £600m on transforming the business.
Jason Tarry, the chair of the John Lewis Partnership, said: “These are solid results, which show that our customers are responding well to our investments in quality products, value and service. We have made good progress with much more still to do.”
The retailer, which employed about 69,000 people last year, has now skipped the bonus to workers in four out of the last five years, after diving to a loss during the Covid pandemic when it was forced to close stores during lockdowns.
The group is in the midst of a tough turnaround plan, in which 16 department stores and at least 20 Waitrose outlets have been closed and thousands of head office staff jobs cut.
It had been hoped that Thursday’s annual results, the first presented by the new chair and former Tesco executive, Tarry, after six months in the role, would confirm the cash reward for workers.
However, John Lewis is focusing on upgrading its stores and improving weekly pay for its staff, having announced a 7.4% pay rise last week to a minimum of £12.40 an hour last week.
