John Lewis Profits Triple to £126m, but Staff Bonus Skipped for Third Year

The retailer prioritizes a £600m investment plan and staff pay increases over its traditional bonus payouts.

The John Lewis Partnership reported a 73% rise in annual profits, reaching £126m, with sales growing by 3% to £12.8bn.
Despite the profit surge, staff will not receive a partnership bonus for the third consecutive year, marking only the fourth time since 1953 this has occurred.
The company is focusing on a £600m investment plan to upgrade stores, improve supply chains, and enhance customer experience.
A 7.4% wage increase was recently announced, raising the minimum hourly pay for staff to £12.40, as part of efforts to improve employee retention.
Jason Tarry, the new chair, highlighted progress in the company’s turnaround strategy, which has included store closures and job cuts in recent years.