John Lewis and Waitrose owners tripled their profits to £126 million, while workers from the staff-owned retail group missed out on the bonus for the third year in a row.
John Lewis Partnership (JLP) said its revenue rose 3% in 12 months to £12.8 billion on January 25, 2025, with underlying profits rising from £42 million. However, the company said it plans to spend £600 million on business transformation and prioritizes investment over bonuses.
“We're a great opportunity to see the world of exploring the world,” said Jason Tully, chairman of the John Lewis Partnership. We have made good progress in what we still do. ”
The retailer, which last year employs around 69,000 people, has skipped bonuses to workers over the past five years after suffering losses during the Covid pandemic as they were forced to close stores during lockdown.
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 employment of thousands of head office staff cut.
The annual results on Thursday were first presented by new chair and former Tesco executive Tarry, and were expected to confirm the workers' cash compensation six months after the role.
However, John Lewis has focused on upgrading stores and improving weekly pay for staff, and announced a 7.4% wage increase last week to a minimum of £12.40 an hour.
