The John Lewis Partnership, which owns both John Lewis and Waitrose, reported a significant increase in profits to £126m despite staff not receiving a bonus for the third consecutive year. In the year ending on January 25, 2025, sales rose by 3% to reach £12.8bn, with the underlying profit increasing from £42m. However, the company has chosen to prioritize investment over bonuses, aiming to invest £600m in transforming the business. Jason Tarry, the chair of the John Lewis Partnership, highlighted the positive response from customers to their investments in quality products, value, and service. The decision to skip bonuses has been more frequent in recent years, following a loss incurred during the Covid pandemic, when the company was forced to close stores. The group is currently implementing a challenging turnaround plan, which includes closing numerous department stores and Waitrose outlets, as well as cuts in head office staff jobs. This year’s results, the first to be presented by Tarry since taking over as chair, were anticipated to confirm the cash reward for workers. Instead, John Lewis is focusing on upgrading its stores and increasing the weekly pay for staff, having recently announced a 7.4% pay rise to a minimum of £12.40 an hour.

Source: https://www.theguardian.com/business/2025/mar/13/john-lewis-profits-triple-to-126m-but-hopes-for-staff-bonus-dashed-again