The John Lewis Partnership (JLP) has revealed a 73% rise in annual earnings however says workers will obtain no bonus for the third yr in a row.
The worker-owned enterprise, behind John Lewis malls and Waitrose supermarkets, stated earnings over the 12 months to January got here in at £97m – up from the £56m achieved within the earlier yr.
Group gross sales rose 3% to £12.8bn in a yr when the division retailer chain restored its ‘By no means Knowingly Undersold’ value promise that was scrapped in 2022.
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However new chair Jason Tarry signalled an additional £600m funding in its operations on the again of the improved revenue efficiency and a give attention to common pay for employees, generally known as companions, over a one-off reward.
A 7.4% wage rise was revealed earlier this month because the enterprise moved to bolster retention amid the barren spell for annual bonuses that has solely seen one paid out during the last 5 years.
The final monetary yr marked solely the fourth time since 1953 that JLP had not awarded a bonus.
Mr Tarry, who succeeded Dame Sharon White six months in the past amid a publish pandemic turnaround plan that included the closure of underperforming shops and 1000’s of job losses, stated “careful consideration” had been given to the bonus.
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Jason Tarry. Pic: JLP
He informed the group’s 73,000 companions: “These are stable outcomes, which present that our prospects are responding effectively to our investments in high quality merchandise, worth and repair.
“We have made good progress with much more still to do.
“Wanting ahead, I see vital alternative for progress from each our Waitrose and John Lewis manufacturers.
“Our focus will be on enhancing what makes these brands truly special for our customers.
“This can contain appreciable catch-up funding in our shops and provide chain.”
