John Lewis Partnership income leap however no bonus for third consecutive yr

The John Lewis Partnership (JLP) has revealed a 73% rise in annual income 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’ worth promise that was scrapped in 2022.

Cash newest: High chef reveals one factor prospects ought to learn about their invoice

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 submit pandemic turnaround plan that included the closure of underperforming shops and 1000’s of job losses, stated “cautious consideration” had been given to the bonus however funding was seen because the precedence.

He informed companions: “These are stable outcomes, which present that our prospects are responding nicely to our investments in high quality merchandise, worth and repair.

“We’ve got made good progress with far more nonetheless to do.

“Trying ahead, I see vital alternative for progress from each our Waitrose and John Lewis manufacturers. Our focus can be on enhancing what makes these manufacturers really particular for our prospects.

It will contain appreciable catch-up funding in our shops and provide chain, underpinned by a powerful concentrate on the core parts of nice retail, delivered by our sensible Companions.

“Our distinct Partnership mannequin stands out as a key aggressive differentiator, enabling us to undertake a long-term perspective.

“I’m assured with the transformation momentum within the Partnership, we stay nicely positioned to drive additional progress within the yr forward and over the long run – making a Partnership that our prospects and Companions are really happy with.”