John Lewis reinstates staff bonus after four-year hiatus

"The partnership, which operates 36 John Lewis department stores and around 320 Waitrose supermarkets, reported profit before tax and exceptional items of £134 million for the year to the end of January. That represents a modest improvement from £126 million the previous year."

"Despite the accounting loss, the improvement in underlying performance was enough for management to restore the long-awaited bonus for its 70,000 employee-owners, known internally as partners."

"The grocery arm Waitrose delivered the strongest performance, with sales rising 7 per cent to £8.5 billion, supported by a 3 per cent increase in volumes as the supermarket chain attracted more shoppers."

The John Lewis Partnership has restored its employee bonus at 2% for the first time since 2019, rewarding its 70,000 employee-owners following improved financial performance. The group reported underlying profit before tax of £134 million, up from £126 million previously, with overall sales increasing 5% to £13.4 billion. Waitrose supermarkets led growth with 7% sales increase to £8.5 billion, while John Lewis department stores grew 3% to £4.9 billion. Despite statutory losses of £21 million due to one-off technology write-downs, underlying performance improvements justified the bonus reinstatement. The retailer continues facing cost pressures and competitive challenges from online platforms and discount rivals.

Read at Business Matters